Nirmala Sitharaman Press Conference LIVE Updates: Finance Minister Nirmala Sitharaman is outlining the final tranche of the Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi to jumpstart the economy in the face of coronavirus. In her fourth address yesterday, Sitharaman announced “structural reforms” in the sectors of coal, minerals defence production, airspace management, MROs power distribution companies, space sectors, atomic energy.
In a major boost to ‘Make in India’ in defence sector, Sitharaman yesterday said FDI limit in defence manufacturing will be hiked to 74 per cent from 49 per cent while some weapons and platforms will be banned for imports. The Centre said it will rationalise stamp duty in mining sector, eliminate the difference between captive and non-captive mines, introduce seamless composite exploration-cum-mining-cum-production regime and auction 500 mining blocks.
The introduction of a seamless composite exploration-cum-mining-cum-production regime will bring many more mineral blocks into auction. The blocks having potential for mineral production will be auctioned for composite licence wherein the successful bidder will complete the exploration and start production seamlessly, the government said.
In his address to the nation on Tuesday, Prime Minister Narendra Modi had introduced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore to boost the economy hit by coronavirus lockdown.
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