Key points of the Economic package to deal with the economic fallout (Fourth tranche) Door opened for many opportunities.
A large section of the Indian population was afflicted by the coronavirus pandemic. The Indian government has taken a number of steps to assist the afflicted populations. On the 16th of May, Minister of Finance Nirmala Sitharaman unveiled the fourth tranche of the economic package to deal with the economic impact.
Coal, minerals, defence, aviation, space, and atomic energy will be the emphasis of the fourth tranche of the total economic package worth 20 lakh crore. According to Prime Minister Narendra Modi, the reforms will boost several economic prospects as well as job opportunities.
Read through few Key points of the fourth tranche are as follows;
- To boost the fuel’s production in the country, the government of India will open up commercial coal mining with revenue management so this ends the monopoly in the coal sector.
- The government is planning to bring growth and employment through structural reforms especially in exploration. FM Nirmala Sitharaman further said, there will be few more reforms in the mineral sector, with no distinction between the captive and non-captive mines.
- ‘Make in India’ for Self-Reliance in Defence Production will be promoted by notifying a list of weapons/platforms for ban on import with year wise timelines, Indigenisation of imported spares, and separate budget provisioning for domestic capital procurement.
- The measure explains, restrictions of the Indian ait space will be eased. By doing so the civil aviation sector benefits by Rs 1000 crore per year and flying will be more efficient. During the fourth tranche announcement she said, only 60% of Indian airspace is freely available. Because the available air space will help in reaching on time and also we can save on fuel. This will bring in positive environmental impact.
- Mainly the fourth tranche of economic stimulus package focused on providing more job and business opportunities.
- A tariff policy laying out the reforms in, consumer rights, industrial promotion and sector sustainability are to be released.
- Government announced spending Rs 8100 crore to enhance Viability Gap Funding scheme for social infra creation. To boost private sector investment in social sector infrastructure.
- Government provides a predictable policy and regulatory environment to private players in the space sector- “The government will provide a predictable policy and regulatory environment and allow the private sector to use ISRO facilities. Future projects for travel in outer space or exploration of new planets will be open to the private sector.
- Atomic energy related reforms
Establish research reactors in PPP mode for production of medical isotopes- To promote welfare of humanity through affordable treatment for cancer and other diseases.
Establish facilities in PPP mode- To use irradiation technology for food preservation to compliment agriculture reforms and assist farmers.
Link India’s robust start-up ecosystem to the nuclear sector- technology development cum incubation centres will be set up for fostering synergy between research facilities and tech-entrepreneurs.
According to one estimate, the coronavirus epidemic caused approximately 122 million people to lose their jobs. Many start-ups have also been forced to shut down due to a lack of funding. Keeping in mind that the Indian government has announced a slew of initiatives aimed at increasing job prospects for citizens and expanding business opportunities for aspiring entrepreneurs.