Finance Minister Nirmala Sitharaman, who came to announce the fourth installment of the 20 lakh crore economic package announced by the Modi government in the midst of the Kovid-19 crisis, said on Saturday that the Prime Minister had a great record of reforms. He said that we have to be ready for competition. Nirmala said that the government’s focus is on Doing and DBT is important in the direction of GST reform. He said that we also have to bring investment in the country and increase employment. There is a good opportunity in India for foreign investment. The Finance Minister said that many sectors are facing huge challenges today.
PM had said – be ready for stiff competition: Nirmala
Finance Minister Nirmala Sitharaman said that the Prime Minister had said that we should be prepared for stiff competition. When we talk of self-reliant India, we are not looking inside it, it is not a separatist policy, India has to rely on its strength, it has to be ready to face global challenges.
He further said that there is a need to simplify policies in many areas, so that it is easy for people to understand what can be got from this area, increase people’s participation and bring transparency. We can promote the development and jobs of an area by doing so. Incentive schemes will be launched for promotion of new champion sectors such as solar PV manufacturing, advanced cell battery storage etc.
FDI in defense production increased from 49 percent to 75 percent
It has taken a big step to improve the defense sector. The Finance Minister said that Make in India will be emphasized to become self-sufficient in defense production. The army needs modern weapons. He said that the FDI limit in defense sector will be increased from 49 percent to 75 percent. The Finance Minister said that the Ordinance Factory Board will be incorporated. In addition, some weapons imports will be banned and their list will be made.
He said that the production of arms in India will be increased year after year and the parts which have to be imported will also be produced in the country. A separate budget will be given for this. This will cost defense imports and benefit companies that make weapons for the military in India. The Ordinance Factory Organization will be incorporated. The Finance Minister emphasized that it would be incorporated, not privatized, to improve functioning. It will be listed on the stock market. Common people will be able to buy its shares.
Airport Development on PPP Model
Finance Minister Nirmala Sitharaman said that the airport will be developed on the public private model. He said that 6 airports will be auctioned and air space will be increased. Increasing airspace will save 1 thousand codes. 6 airports will be developed with PPP model. Currently 60 percent of the airspace is open. There will be an investment of 13 thousand crores at 12 airports.
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Need for policy change in many sectors
He said that we took the decision in the interest of the bank reforms. In many sectors, policy changes are needed to strengthen. Nirmala said that today growth, investment-boosting economic reforms will be announced. He said that self-reliant India required simplification and reform of rules in many sectors. Earlier, Nirmala Sitharaman on Friday announced 11 important steps related to farming and related activities. Earlier, she had made important announcements for the MSME sector, taxpayers, salaried class, hawkers and migrant laborers.
There will be commercial mining in the coal sector
Making an important announcement, the Finance Minister said that commercial mining will be started in the coal sector and the government’s monopoly will end. 50 thousand crore rupees will be given for the coal sector. The government will conduct an open auction. The rules will be relaxed for coal sector businessmen. There are plans to auction 500 new blocks in the coal sector.
Policy for development in mineral sector
Making an important announcement in the mineral sector, Nirmala Sitharaman said that 500 mining blocks will be auctioned. There are big plans for development in the mineral sector. Transfer of mining lease will also be possible. Private investment will be encouraged in the mining sector.
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