New Delhi, May 16: Finance Minister Nirmala Sitharaman unveiled structural reforms in the fourth tranche of announcements related to the Rs 20 lakh crore economic stimulus of the Narendra Modi government. The reforms are intended to reboot the defence production, mining and civil aviation sector. The FDI hike in defence sector, permit for commercial players in mining and space exploration for private sector were among the major highlights of Sitharaman's announcement.

For Defence Production Sector

"'Make In India' for self-reliance in defence production - we will notify a list of weapons/platforms for ban on import with year wise timelines. There will be indigenisation of imported spares," Sitharaman said in her press conference. 'Ordnance Factory Board Corporatised, Not Privatised; Will be Listed on Stock Market'

Foreign Direct Investment limit in defence manufacturing under automatic route is being raised from 49 to 74 percent, she added. For the Ordnance Factory Board, measures are being taken to improve its functioning and make it accountable.

As part of the process, the government has begun its "corporatisation". This should not be mixed as privatisation of the Board, Sitharaman clarified. She also added that the weapon-producing body will be eventually listed at the stock market.

For Civil Aviation Sector

Restrictions on the utilisation of Indian Air Space will be eased so that civilian flying becomes more efficient. This will bring a total benefit of Rs. 1000 crores per year for the aviation sector, Sitharaman claimed, adding that the government would also be auctioning six more airports in the days to come.

"Airports Authority of India has awarded 3 airports out of 6 bid for operation and maintenance on Public-Private Partnership (PPP) basis. Additional investment by private players in 12 airports in first and second rounds expected around Rs 13,000 crores," Sitharaman announced.

"A tariff policy with reforms will be released, including consumer rights, promotion of industry and sustainability of sector," she added.

Energy Sector

Commercial mining will be started to end government's monopoly in the mining sector, Sitharaman said. "Govt will introduce competition, transparency, and private sector participation in the Coal Sector through revenue sharing mechanism instead of the regime of fixed rupee/tonne," she added.

The Finance Minister also announced that private players would now be permitted to launch space explorations with the aid of Indian Space Research Organization (ISRO). "Indian private sector will be a co-traveller in India's space sector journey. Will provide a level-playing field for private companies in satellites, launches and space-based services," she said.

The private sector will be allowed to use ISRO facilities and other relevant assets to improve their capacities. Future projects for planetary exploration, outer space travel, etc. to be open for the private sector: Finance Minister Nirmala Sitharaman.

The last tranche of Sitharaman's announcements - related to the Aatmanirbhar Bharat package of PM Modi - is scheduled tomorrow at 11 am. The economic stimulus, said the Prime Minister in his address to the nation on Tuesday, will ensure the revuniation of all building blocks of Indian economy including agriculture, MSMEs, heavy-scale industries and labour-intensive sectors.

(The above story first appeared on LatestLY on May 16, 2020 05:59 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).