Nirmala Sitharaman Press Conference LIVE Updates: Finance Minister Nirmala Sitharaman today announced easing of restrictions on utilisation of Indian air space, benefiting civil aviation sector by about Rs 1,000 crore per year. Announcing the fourth tranche of economic stimulus, she said only 60 per cent of Indian airspace is freely available. More air space available would reduce travel time and save on fuel, she said.
The finance minister said six more airports will be auctioned for private participation. Also, an additional investment of Rs 13,000 crore will be made by private players in 12 airports auctioned in first and second rounds. She also said tax regime for aircraft Maintenance, Repair and Overhaul (MRO) has been rationalised. Aircraft component repair and airframe maintenance are expected to increase from Rs 800 crore to Rs 2,000 crores in three years, she added.
Addressing the nation fourth time on Rs 20 lakh crore economic stimulus announced by Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman today allowed commercial mining of coal — a government monopoly till now.
The announcements are part of Aatma Nirbhar Bharat Abhiyan launched by PM Modi on Tuesday as India gears up to fight the pandemic which has infected close to 86,000 people, higher than the figures of China where the virus emerged.
Tourism and transportation are likely to be key areas in focus today as releases tranche 4 of the Rs 20 lakh crore economic stimulus announced by Prime Minister Narendra Modi. In the third tranche of the COVID-19 economic package, the government on Friday announced a slew of measures for agriculture sector, including a Rs 1.63 lakh crore outlay, and amending the stringent Essential Commodities Act (ECA) to remove cereals, edible oil, oilseeds, pulses, onions and potato from its purview.
Also, a new law will be framed to give farmers the option to choose the market where they want to sell their produce by removing inter-state trade barriers and providing e-trading of agriculture produce. The ECA empowers the government to regulate price as well as stocks of commodities. Sitharaman also announced a Rs 1 lakh crore Agri Infrastructure Fund that will finance projects at farm-gate and aggregation point for efficient post-harvest management of crops.
The announcements are part of Aatma Nirbhar Bharat Abhiyan launched by PM Modi on Tuesday as India gears up to fight the pandemic which has infected close to 86,000 people, higher than the figures of China where the virus emerged.
The PM, in his fourth televised address on the Covid-19 situation, had said the economic package will empower all sections of the society, from the often neglected labourer and hawker, to employment generating industries and the honest tax-paying middle-class, and will also help India compete on the global stage.
Pushing for local products and self-reliance, Modi said that it has been local suppliers have met ‘our demands’ during this crisis and now Indians will have to be ‘vocal about local’ and buy products from them.
Spelling out the details of the self-reliance strategy, Modi it will depend on five pillars: growing a new economy, creating a state-of-the-art infrastructure, setting up a technology-based delivery system, leveraging the young demography and exploiting of domestic demand.
The new package comes as India further opens up its economy with riders in the fourth phase of the national lockdown starting on May 18, with fewer restrictions. Industries and states have been demanding a fiscal stimulus package from the Centre to soften the impact of the financial crunch arising due to covid-19 outbreak.
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