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
We don't want any yoga or peega
If the PM could tweet on the thumb injury of Shikhar Dhawan, the dinner he hosted for MPs and on the Yoga Day, should he have also tweeted to voice his concern at deaths in Muzaffarpur?
His government Ayushman plan covering upto 5 lakh seems got out of the air, like the rest of the plan.
Prime Minister is aware of small things, but in Bihar the death of children is a blow which is probably not known to him. It is true that children's don't have the right to vote!
Cricketer Shikhar Dhawan's injuries will be cured but those 115 children who have gone in the absence of treatment will never come back. At least Modiji should have wrote two words for them too.
Yoga cannot correct - GDP, unemployment among the youth, farmers' distress and children's deaths.
Bihar has given 39 seats and in that Bihar more than 150 children are killed, and the Prime Minister of this country enjoys Yoga-Boga.
PM Modi or his team tweeted or said a single word for 100+ kids who lost their lives due to Encephalitis in Muzaffarpur.
1.Why hisgovt have not taken any action on that issue 5 years in Centre & 13 years in State government?
2. Why did Health Sector is facing so many problems in Bihar?
3. Is Ayushman Bharath considered failure?
Jai Hind
Yoga is above some ones mother and wife. Totally yoga a topic for some ones drama baaji n for some one's July baajI and their listeners are only paid chaddi daari
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