New Delhi, May 17: Spelling out the government’s fourth tranche of initiatives towards achieving Prime Minister Narendra Modi’s vision of ‘Atmanirbhar Bharat’, Union Finance Minister Nirmala Sitharaman on Saturday announced significant structural reforms in eight sectors of the economy — coal, minerals, defense production, aviation, power distribution in Union territories, space and atomic energy.
Addressing her fourth and the second-last press conference, Sitharaman said crucial sectors such as coal production and exploration, defence production and space would see an increased participation from private entities.
Coal sector:
In the realm of coal exploration, the government has decided to liberalise the entry norms for private entities, which would mean that any interested party could bid for a coal block and sell it in the open market. The minister said that the government would do away with all the eligibility conditions at the time of bidding for a coal block, except requiring an “upfront payment with a ceiling.”
Nearly 50 coal blocks would be offered to private players immediately, revealed Sitharaman.
She further said that Rs 50,000 crore would be spent by Centre in creating ‘coal evacuation’ infrastructure, which would expedite the transport of mined product to the destination.
Defence sector:
In defence production, Sitharaman revealed that the government would raise the foreign direct investment (FDI) limit in the sector from current 49 per cent to 74 per cent. Further, the government would also work towards corporatising the ordnance factory boards. “Corporatising doesn’t amount to privatization,” added Sitharaman.
In a bid to boost indigenous production of defence products and gave an impetus to Make in India, Sitharaman said that the government was in a process of notifying a list of weapons/platforms for an import ban with year-wise timelines.
These decisions would also help in reducing huge import bills, the finance minister said.
Privatisation of electricity:
In another announcement that could have an effect on electricity charges in the union territories, Union Finance Minister Nirmala Sitharaman announced on Saturday that power departments and utilities in all the centrally administered territories would be privatised.
Sitharaman said that the proposed move would lead to better service to consumers and improvement in operational and financial efficiency in distribution.
The finance minister said that decision was guided by 'sub-optimal' utilisation of performance of power distribution and supply'.
She said that the move to that effect would provide a model for emulation by other utilities across the country, in what could be an indicator of what's in the pipeline for utilities in other states as well.
Sitharaman said that the privation reform was in line with the tariff policy reforms and would help in enhancing consumer rights, promote industry and improve the overall sustainability of the sector.
Space sector:
Sitharaman also announced the opening up of the space exploration sector for private players. Till date, the government-run Indian Space Research Organisation (ISRO) has held a monopoly on all activities concerning space exploration and satellite launches.
The Indian private sector will be a co-traveller in India's space sector journey, said Sitharaman, while announcing a series of structural reforms in eight crucial areas of the economy. The Union Finance Minister was addressing her fourth press conference in as many days, as a follow-up towards realising Prime Minister Narendra Modi's vision of 'atmanirbhar Bharat', which was spelled out in his video address on May 12.
Sitharaman said that the reforms in the space sector will provide a level-playing field for private companies in satellite launches and space-based services.
She said that the private sector would be allowed to use ISRO facilities and other assets to improve their capacities. Stating that the government would provide predictable policy and regulatory environment to private players, Sitharaman also disclosed that future projects for planetary exploration and outer space travel among others would be opened up for private entities.
Comments
Whose mistake is it here.
UP most of the people are very stupids, They can select only such stupid leaders.
UP is largest state of India equal to the area of other countries in the world.
But unfortunately useless place who remain backward in stupid ideology.
If they continue, no doubt the country will be polarized and turned to pieces and enimy like Pak and China will destroy easily.
If we need peace in this area this state should be devided into pieces pieces and pieces.
Then only real peace will prevail.
shakshiji still you are alive ????,
kuch samay leke mar kyon nahee jaathe, aap hinduvonki naam barbaad kar rahe ho.
why you need other people to destroy, you go and destroy if you born to to real father. no need to hang.
i think you are gods manager so you may have power.
all drama will come before the election to make hindu unsafe once they get vote they never care you have food or not in your house.
think for futur of our indian child, i hope they will never become slaves of rich
This man needs special treatment at kankanady
There is no medicine for his mental illness
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