Economic package 4th tranche - Highlights

Following are the highlights of the fourth tranche of the Rs 20 lakh crore comprehensive economic package announced by Finance Minister Nirmala Sitharaman to tide over the COVID-19 crisis: Defence:* FDI in defence manufacturing to be hiked to 74 per cent from 49 per cent under automatic route* Govt to notify a list of weapons/platforms banned for imports, such items can only be purchased from India* To promote indigenisation of imported spares, focus on lowering defence import bill * Separate budget provisioning for domestic capital procurement * Faster decision making in defence procurement* Govt to corporatise Ordnance Factory Board Civil Aviation:* Restrictions on utilisation of the Indian air space to be eased for increasing efficiency of passenger aircraft, to cut fuel usage and time* To rake in Rs 1,000 crore per year benefit for the aviation sector* 6 more airports to be privatised* India to become a global hub for Aircraft Maintenance, Repair and Overhaul (MRO), tax rates rationalised Coal and mineral: * To introduce commercial mining in coal sector* Entry norms to be liberalized, nearly 50 blocks to be offered immediately* Coal Gasification / Liquefication to be incentivised through rebate in revenue share * Rs 50,000 crore earmarked for infrastructure development in coal sector* Coal Bed Methane (CBM) extraction rights to be auctioned from Coal India's mines* To introduce seamless composite exploration-cum-mining-cum-production regime in minerals sector, 500 mining blocks to be auctioned* Introduce joint auction of bauxite and coal mineral blocks* To rationalise stamp duty payable at the time of award of mining leases Power Distribution:* To bring out reform in tariff policy, privatise Discoms in Union Territories Social Infrastructure:* Govt's share in viability gap funding for development of social infrastructure, including hospitals, hiked to 30 per cent from 20 per cent, total outlay Rs 8,100 crore Space:* To allow private sector companies in satellites, launches and space-based services* Private sector will be allowed to use ISRO facilities and other relevant assets to improve their capacities Atomic Energy:* To set up a research reactor in PPP mode for the production of medical isotopes to help make available affordable treatment for cancer and other diseases* Establish facilities in PPP mode to use irradiation technology for food preservation – to complement agricultural reforms and assist farmers.