Today, 16th May 2020, FM Nirmala Sitharaman announced India Mega Economic Package (Part-4). Beneficiaries Covered in this Incentives are
Coal and Mining
Social Infrastructure Projects
Coal and Mining Sector
To increase self-reliance in coal production the government will introduce mining of coal on revenue sharing basis. Entry norms for such participation shall be liberalized and nearly 50 blocks to be offered immediately.
Policy Reforms in Coal Sector:
Under the Exploration-cum-production regime now onwards partially explored blocks will also be auctioned.
Production earlier than the scheduled time, Coal Gasification, or Liquification will be incentivized through rebate in revenue share.
Coal Bed Methane (CBM) extraction rights to be auctioned from Coal India Limited’s Coal mines.
₹50,000 Crore shall be spent on sector’s infrastructure development
In an effort to enhance Private Investment in the sector, a seamless composite exploration-cum-mining-cum-production regime shall be introduced.
500 Mining blocks would be offered for auction.
And to enhance Aluminium Industry’s competitiveness, a joint auction of bauxite and coal mineral block shall be introduced.
Transfer of mining leases and sale of surplus unused minerals shall be allowed for better efficiency in mining and production.
Rationalization of Stamp duty payable at the time of award of mining leases shall be done.
For achieving self-reliance in defense production, a list of weapons shall be notified which shall be banned from import. And also imported spare shall be indigenized.
Budget provisioning shall be done for domestic capital procurement. A Rs 15k Crore fund shall be set up for the support of Private Investment in dairy processing, value addition, and cattle feed infrastructure.
The corporatization of Ordnance Factory Board shall be done to improve autonomy, accountability, and efficiency in Ordnance Supplies.
FDI limit in the defense manufacturing under automatic route shall be raised from 49% to 74%.
The current Free Availability of Indian Air Space is just 60%. Hence, restriction on the use of Indian Air Space shall be eased for more efficient flying.
World-class Airports shall be auctioned. Which shall be operated and maintained on a Public-Private-Partnership (PPP)basis.
India to be made a global hub for Aircraft Maintenance, Repair, and Overhaul (MRO Hub).
Power distribution company in Union Territories shall be privatised.
Tariff Policy laying out reform for Consumer Rights, Promote Industry and Sustainability of Sector shall be released.
Social Infrastructure Project
Private Sector Investment shall be boosted in Social Infrastructure through revamped Viability Gap Funding Scheme. Also, the quantum of funding shall be increased from 20% of each project to 30% of each project.
Private participation in space activities shall be allowed. This freedom shall provide the private players the level playing field in satellite launches and space-based service. Also, assets of ISRO shall be made available to improve their capacities.
Research Reactor shall be established in PPP mode for the production of medical isotopes.
Facilities shall be established in PPP mode for using irradiation technology for food preservation.
Technology Development cum Incubation Centres shall be set up for fostering synergy between research facilities and tech-entrepreneurs.