Finance minister announces 4th tranche of economic measures

News:The Union Finance Minister has announced the 4th economic package under Atma Nirbhar Bharat Abhiyan.

Facts:

• Coal sector:
  • Commercial mining will be introduced in the coal sector and the government monopoly in coal mining will be removed.
• Defence production: 
  • Enhancing self-reliance in defence production- Indigenization of imported spares, separate budget provisioning for domestic capital procurement. 
  • FDI limit in defence manufacturing under automatic route will be hiked from 49% to 74%.
  • Corporatisation of Ordnance factory board.
• Civil aviation: 
  • Restrictions on the utilisation of Indian airspace are going to be eased so that the flying of civilian aircraft becomes more efficient. 
• Power distribution sector: 
  • Power distribution companies in the union territories (UT) will be privatised.
• Mining sector: 
  • Structural reforms in the mining of minerals through the introduction of a seamless composite exploration cum mining regime under which 500 mining blocks would be auctioned.
  • Joint auctions for bauxite and coal mines will be conducted to help the aluminium industry.
• Social-infrastructure projects: 
  • Boosting private sector investment in Social Infrastructure through increased Viability Gap Funding Scheme of upto 30% for each project.
• Space sector: 
  • Privatisation will be introduced for future projects such as planetary exploration and outer space travel.
• Atomic energy: 
  • Government will link India’s robust start-up ecosystem to the nuclear sector with the setting up of Technology Development cum Incubation Centres.
  • Government will establish a research reactor in the PPP model for the production of medical isotopes for affordable treatment of cancer and other diseases.