New Delhi: Finance Minister Nirmala Sitharaman today announced the fourth installment of the Rs 20 lakh crore economic package through a press conference on Saturday. Sitharaman has been announcing to the media daily from Wednesday at 4 pm the measures being taken for the sectors and industries affected by the lockdown. In fact, the relief package was announced by Prime Minister Narendra Modi in his address to the nation on Tuesday. In three installments so far, the Finance Minister had announced various relief measures for farmers, livestock keepers, MSME sector, migrant workers, street vendors and others. Find out the big announcements they will make today …
FM Nirmala Sitharaman Press Conference Live Updates
The Finance Minister said that in the reforms related to nuclear energy, the research reactor would be set up in PPP model. This will support the service of humanity.
He said that India has sent medicines to many countries of the world for cancer during and before the corona virus. We have to move further in this direction. He said that an integrated food conservation center would be set up in PPP model. This will help in extending the shelf life of food items like onions through radiation techniques and will give more profit to the farmers. He said that this would also open up a new field for startups.
ISRO has made India very famous in the field of space. The government wants to increase the participation of the private sector in this sector, so the government will provide level playing field to private companies for satellite, testing and space based services.
The private sector will be allowed to use ISRO facilities and assets to improve its capacity.
The Finance Minister said that the social infrastructure needs to be strengthened. Therefore, some changes will be made in it to promote private investment. For this 30 per cent would be funded by the Center and 30 per cent by the state governments. Rs 8100 crore would be spent for this.
– Power supply companies in Union Territories will be privatized. For this a tariff policy will be introduced. This will ensure that the user gets their rights.
Discus companies will have to provide the required power to the consumers. This will increase competition among power generating companies. This will ensure timely payment to power generating companies.
-Support will be given through direct benefit signature. Prepaid smart meters will be installed. This will provide better services to the consumers.
The Finance Minister said that only 60 per cent of Indian airspace is for civil aviation. Proper use of this space, saving fuel, reaching the destination in the shortest time, will work.
This will benefit the aviation sector to the tune of Rs 1,000 crore. He said that 6 new airports would be auctioned under PPP model.
The Airport Authority of India will get a down payment of Rs 2,300 crore. 1300 crore investment will come in the first and second phase. He also said that India would be made an aircraft repair service hub. Maintenance and repair of Indian aircraft will be ensured in India. Steps will be taken to reduce airline costs.
-Government will take steps for timely defense procurement. At the same time the trial and testing process will be improved.
The Ordinance Factory Board will be incorporated to improve its functioning. Companies will be listed on the stock exchange. The limit of FDI in defense manufacturing through automatic route will be increased from 49 to 74 per cent.
“Make in India” is essential to make the country self-sufficient in defense production. The government will notify a list of weapons and platforms that will ban imports.
The weapons and platforms included in this list will be procured from the country. This will help reduce the cost of importing defense products.
The Ordinance Factory Board will be corporatized by the government to improve the accountability and capacity of the Ordnance Factory. He emphasized that the Corporateization Board would be privatized and not privatized.
-Finance Minister said that private investment in mineral mining will be increased. Introduce exploration mining production systems in minerals.
About 50 new blocks will be made available for auction. Therefore, the rules will be relaxed. New allocations will be made and encouraged to make coal gas.
About Rs. 50,000 crore would be spent for the development of infrastructure in the coal sector.
-Coal sector – Coal marriage needs to be reduced to become self-sufficient in the coal production sector. The government will increase competition, transparency and participation in the private sector in the coal sector based on the mechanism of treasury sharing. The government will eliminate the monopoly of the government from the coal sector.
-Finance Minister said that investment through EGS would be approved soon. He said that his goal was to develop industry infrastructure.
He will get the information of the industry park spread over five lakh hectares on IIS. There will be GPS mapping of this land. This will facilitate the availability of land. Each Ministry will have a Project Investment Cell.
-Political reforms have been made to accelerate investment to achieve the goal of a self-reliant India. The pace of approval of investments has been accelerated through empowered groups of secretaries. Ranking system to create competition in the states to attract new investment.
The Finance Minister said that many sectors need easy policies. Banks are not under pressure to lend to any particular person.
“We are ready for any challenge,” the finance minister said. “We have made major improvements to the system, including GST, IBC, Ease of Doing Business, Power Sector Reforms, Tax System Reforms,” he said.
Finance Minister Nirmala Sitharaman, in her inaugural address on Saturday, underlined the importance of supply chain. He mentioned the steps taken to reform the banking sector. He explained how direct benefit is proving to be helpful.
They have announced many important plans in the last few days. Here they are …
Finance Minister Nirmala Sitharaman will on Saturday announce the fourth phase of the Rs 20 lakh crore economic package. The package was announced by Prime Minister Narendra Modi in his address to the nation on Tuesday. The Finance Minister has been sharing information related to the package with the public through a press conference since Wednesday. On the first day, he made a number of important announcements about the workers, farmers and street vendors affected by the lockdown. There, on Friday, the Finance Minister announced 11 new relief schemes for farmers and pastoralists. Of these, eight announcements were related to development of necessary infrastructure related to agriculture and animal husbandry and three announcements were related to administrative reform. The government is announcing this for the sectors affected by the lockdown to prevent the spread of corona virus infection. According to a tweet from the Press Information Bureau, the finance minister will give more details about the economic package at a press conference on Saturday at 4 pm. At the conference, the finance minister may announce relief measures for other sectors.