Lauding the slew of structural reform measures, announced by Union Finance Minister Nirmala Sitharaman, Union Home Minister Amit Shah on Saturday thanked Prime Minister Narendra Modi and FM Sitharaman for the landmark decisions adding that it would surely boost India's economy and further the efforts towards Aatmanirbhar Bharat.
He asserted that PM Modi's mantra of 'Reform, Perform and Transform' is the key to India’s phenomenal growth in the last six years. Congratulating PM Modi for the unprecedented step to make India self-reliant in coal production, Shah said, "Rs 50,000 crores for infrastructure development in the coal sector and introduction of commercial mining is a welcome policy reform which will bring more competition and transparency".
"Raising the FDI limit in defence manufacturing to 74% and banning the import of selected weapons/platforms with year-wise timelines will surely boost ‘Make in India’ and reduce our import burden. A strong, secure and empowered India is Modi Government’s topmost priority," the Home Minister said.
He thanked PM Modi for futuristic decisions to give a boost to the Aviation sector. He said, "By easing out restrictions on utilisation of Air Space, our aviation sector will be benefited by about Rs. 1000 crores/year. Further, the tax regime for MRO has been rationalized to make India a global hub for Aircraft MRO."
Talking about the decision to boost private sector presence in the field of space and social infrastructure development, the Home Minister said, "I applaud PM Modi for today’s decisions like providing Rs 8,100 crore revamped Viability Gap Funding to boost private sector investment in social infrastructure and encouraging private participation in space activities so that they can become a co-traveller in India’s space journey".
Sitharaman on Saturday unveiled the fourth tranche of government's Rs 20 lakh crore economic package to provide relief to various segments of the country battered by the coronavirus lockdown.
The Finance Minister announced reforms for eight sectors, namely coal, minerals, defence production, airspace/airport management, aircraft MRO (maintenance-repair-overall), power distribution in union territories, space, and atomic energy.
Nirmala Sitharaman announced to deregulated the coal mining sector, thereby, ending one the last remain great Central monopolies. The minister announced that nearly 50 blocks along with coal-based methane gas reserves will be offered immediately for auction.
The government will also incentivise coal gasification or liquefaction through rebate in the revenue share. It would significantly lower environmental impact and also help India switch to a gas-based economy, she added.
The Rs 50,000 crore infrastructure development will be carried out for it. This will help Coal India (CIL) raise production from 600 million tonnes to 1 billion tonnes by 2023-24.