Finance Minister, Nirmala Sitharaman announced the fourth installment of the 20 lakh crore package.
Inorder to make Indian self-reliant and not dependent on the world.
It will also help India match the tough competition in the world.
The Finance Minister announced reforms that will help a lot of companies investing in India.
Let me tell you the points that were announced by the finance minister.
Policy Reforms will be made to fast-track investments.
1. Coal Sector:
The Government will introduce commercial mining of coal.
This is because India needs to increase the production of coal to reduce import of coal from abroad.
2. Minerals:
Private companies will be encouraged to invest in the production of Minerals such as Silver, Iron, etc.
Across India government has 500 mining blocks of various mineral.
These mining blocks will be auctioned to companies
through an open and transparent auction process.
3. Defence Production:
Indian companies will be encouraged for the Indian production of machine parts used in the Military.
Import of such materials must stop and domestic production quality must increase.
Earlier Foreign companies were only allowed to invest 49% without government approval in such companies.
Now FM announced that Foreign companies can invest up to 79%.
4. Civil Aviation:
Earlier there were strict rules for civilian to fly planes in the Indian Air Space.
The Finance Minister has said that these rules will be eased so that more civilians can fly planes.
This will help the government earn up to Rs 1,000 crore.
The government is working hard to make India a global hub for aircraft maintenance.
The government will now build airports in India in partnership with private companies.
5. Power Sector Reforms
Government Power Distribution Companies in Union Territories to be privatized
with the new tariff policies.
The increase in power production will be very beneficial to the country.
6. Private Sector investment:
There are many social infrastructure projects like roads, hospitals, bridges, etc.
that fall short of funds.
Earlier the Central government would fund 20% of such projects.
The government has now decided to provide 30% funding
and has created fund of Rs 8,100 crore for such infrastructure projects.
The government's decision will encourage various private companies to invest in such projects.
7. Space Sector:
Earlier government controlled all satellite and space operations.
Now they have decided to encourage private companies to take part in Government space projects.
8. Earlier in Atmoic energy all forms of Nuclear projects were operated by the government.
Now they plan to partner with private companies for such projects.