Finance minister announces 4th tranche of economic measures

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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.