BackGovt announces reforms for coal, aviation, minerals, defence production sectors
These measures are part of the fourth tranche of the Rs20 trillion stimulus package to combat the coronavirus-led economic damages The fiscal package aims to make India self-reliant
PremiumNEW DELHI: Finance minister Nirmala Sitharaman on Saturday announced reform measures for civil aviation, coal, minerals, defence output, electricity distribution, and atomic energy sectors.
These measures are part of the fourth tranche of the Rs20 trillion economic stimulus package to combat the damage caused by the coronavirus pandemic and the subsequent lockdown.
"Many sectors need policy simplification," Sitharaman said.
The measures are being announced at a time when the Indian economy has come to a grinding halt, with migrant workers facing difficulties as they return home, carrying the risk of virus transmission. The package, details of which are being announced by Sitharaman since Wednesday, aims to make India self-reliant.
“Once we decongest these sectors, it will provide the necessary boost," she said.
India will enter its fourth phase of the lockdown, starting 18 May. The country has been under the world's most stringent lockdown, since 25 March.
The first tranche of the economic package, announced on Wednesday, had 15 fiscal and regulatory measures, while the second round rolled out nine reforms to give relief to the poor including migrant workers, farmers, street vendors and members of tribal community.
The government on Friday unveiled what it called an 'empowering' Rs1.5 trillion farm-sector package to free up India’s fragmented agriculture market from trade curbs and stock limits, while it offered a new framework to reduce risks and price uncertainties for farmers.
Prime Minister Narendra Modi on Tuesday announced a Rs20 trillion stimulus package, in one of the world’s most aggressive bailouts in relation to economic size, equating to about 10% of India's gross domestic product (GDP).
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
