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FM Nirmala Sitharaman May 16 press conference: Here’s a list of key announcements

The latest measures under the Aatmanirbhar Bharat Abhiyan focused on sectors such as coal mining, defence, aviation, and space.

May 17, 2020 / 11:04 AM IST

Finance Minister Nirmala Sitharaman on May 16 announced the fourth set of stimulus measures as part of Rs 20 lakh crore economic package.

The latest measures under the Aatmanirbhar Bharat Abhiyan focused on sectors such as coal mining, defence, aviation, and space.

Prime Minister Narendra Modi had on May 12 announced the Rs 20 lakh crore economic stimulus, which is expected to help the country during the COVID-19 outbreak.

Also read: Ease of Business and Make in India headline Day 4 of stimulus measures

Here are the major annoucenments made by the Finance Minister:

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>> Commercial coal mining to be introduced, removing government monopoly in the industry. Rs 50,000 crore will be spent for evacuation infrastructure, the government added in the statement.

>> Distinction between captive and non-captive mines would be removed to allow the transfer of mining leases and sale of surplus unused minerals. The move will help boost private investment in the minerals sector.

>> Foreign direct investment (FDI) limit in defence manufacturing has been hiked to 74 percent from 49 percent, through the automatic route. The government will also release a list of weapons/platforms for ban on import with year-wise timelines.

>> Creation of a Viability Gap Funding scheme, with a total outlay of Rs 8,100 crore, to boost private investment in social infrastructure projects.

>> Opening up of the Indian airspace, which is expected to give a benefit of Rs 1,000 crore per year to the aviation industry.

>> Six more airports have been identified for the second round of bidding to operate under the public private partnership (PPP) model.

>> Power departments / utilities in Union Territories (UTs) will be privatised, to improve service to consumers and efficiency in distribution.

>> Private sector will be permitted to use the facilities if the Indian Space Research Organisation (ISRO) to improve their capacities. Future projects for planetary exploration, outer space travel, to be open for private sector.

Also read: Government announces three measures for aviation. None cheers up the sector

>> Government will establish research reactor through the PPP model for production of medical isotopes.

The next set of measures will be announced on May 17, in a press conference scheduled for 11 am.

The first tranche of announcements on May 13 had focused on micro, small and medium enterprises (MSMEs) and non-banking finance companies (NBFCs).

The second list included relief measures for migrant workers, street vendors and small traders. The third one had focused on benefits for farmers and the agricultural sector.

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first published: May 16, 2020 06:01 pm