Finance Minister Nirmala Sitaraman announced a set of new massive reform measures to boost the commercial mining, defence and aviation sectors.
The deep structural reforms drive was announced under the government’s massive Rs 20 lakh crore economic package for the ‘Self-reliant India Movement’ announced by Prime Minister Narendra Modi recently.
Moreover, the minister detailed reforms for eight key sectors which will be supported and promoted via structural reforms.
However, the biggest reform measure was taken for the coal sector, whose mining was deregulated, thereby, ending one the last remain great Central monopolies.
The minister further announced that nearly 50 blocks will be offered immediately for auction.
In fact, coal-based methane gas reserves will also be auctioned.
On the civil aviation sector, the Centre will ease the air space available to allow airlines to save cost and passengers to spend less time while travelling.
Furthermore, private sector participation in the space sector will be encouraged through collaboration with ISRO and liberal geospatial data policy.
In addition, a medical isotope producing research reactor will be established in PPP mode.
These announcements have been made under Prime Minister’s mega stimulus package which will take the total amount announced by the Ministry of Finance and the RBI to a total of Rs 20 lakh crore or 10 per cent of the GDP.