Nirmala Sitharaman press conference Live: Govt to boost private participation in space sector, including ISRO, says Finance Minister

Finance Minister Nirmala Sitharaman to address a press conference at 11 am on Sunday (May 17) and announce fifth and the last tranche on Centre's stimulus package. 

Govt to establish research reactor in PPP mode for production of medical isotopes to promote welfare of humanity through affordable treatment for cancer and other diseases.

Establish research reactor in PPE 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 preservations, again in PPE mode. This technology will compliment agricultural reforms and assist farmers.
Link India's robust start-up ecosystem to the nuclear sector to foster a synergy between research facilities and tech-entrepreneurs.

Private sector to be co-traveller in India's space sector journey through launches, satellite services. This will be done by: 

Providing level-playing field for private companies in satellites, launches and space-based services.
Providing a predictable policy and regulatory environment to private players.
Private sector will be allowed to use ISRO facilities and other relevant assets to improve their capabilities.
Future projects for planotary exploration, outer space travel etc to be open to private sector.
Liberal geo-spatial data policy for providing remove-sensing data to tech-entrepreneurs.

The government will boost private sector investments in social-infrastructure projects by revamping the Viability Gap Funding Scheme. The total outlay for this has been pegged at Rs 8,100 crore.

The government will enhance the quantum of viability gap funding up to 30 per cent each of total project cost as VGF by Centre and State/Statutory bodies.
For other sectors, VGP existing support of 20% each from GoI and States/Statutory Bodies shall continue.
Projects to be proposed by Central Ministries/State governments and statutory entities.

Tariff policy reform announced by FM Nirmala Sitharaman:

The government will release a tariff policy with reforms, including consumer rights, promotion of industry and sustainability of sector.

Privatisation of the discoms will bring stability in the power sector. Will help timely payment too: FM Sitharaman

Restrictions on the utilisation of Indian Air Space will be eased so that civilian flying becomes more efficient. Will bring a total benefit of Rs. 1000 crores per year for the aviation sector, says FM.

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

Airport auction will take place on PPP basis. Rs 2300 crore downpayment to be made to Airport Authority of India on airport auction, says FM Sitharaman

Restrictions on airspace usage to be eased, 6 more airports up for auction, says FM Nirmala Sitharaman

'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: Finance Minister Nirmala Sitharaman

Rationalisation of stamp duty payable at the time of award of mining leases: Finance Minister Nirmala Sitharaman

Restriction on imports of certain weapons and platforms: 

We need to be self-reliant in the defence sector. High tech equipment can be imported but some of the weapons can be made in India. Certain weapons to be restricted from imports and can only be bought from India - FM Sitharaman

The government allows the sale of surplus and unused minerals by new mining lease facility. 500 mining blocks would be offered through an open and transparent auction process, a joint auction of Bauxite & Coal mineral blocks will be introduced to enhance Aluminum industry's competitiveness: FM Sitharaman

Sectoral reforms for mining of minerals: 

A seamless composite mining-cum-exploration-cum-production facility for the mineral sector. 500 mining blocks will be allocated for this and joint auction will take place: FM Sitharaman

50 coal blocks to be auctioned:

Nearly 50 methane coalbed blocks will be available for auction in the near future. Upfront payment ceiling will be applicable, says FM Sitharaman

Commercial mining in the coal sector with revenue share to be allowed. 50 methane coalbed blocks to be auctioned and operationalised: FM Nirmala Sitharaman

Diversified opportunities in the Coal Sector, investment of Rs 50,000 crores. The investment of Rs 50,000 crores is for the evacuation of enhanced CIL's (Coal India Limited) target of 1 billion tons of coal production by 2023-24 plus coal production from private blocks.

The structural reforms being announced today will impact those sectors which are new horizons of growth, unleashing new investment, boosting production and creating jobs: FM Sitharaman

Commercial mining of coal with revenue share:

Government will introduce competition, transparency, and private sector participation in the Coal Sector through revenue sharing mechanism instead of the regime of fixed rupee/tonne: Finance Minister Nirmala Sitharaman

Government to promote new champion sectors: 

The fourth tranche of announcements will also include champion sectors and the incentive schemes for the promotion of new champion sectors will be launched in sectors such as solar PV manufacturing, advanced cell battery storage, etc, says FM Sitharaman

Eight sectors are focus of today's reforms: Coal, minerals, defence, civil aviation, power distribution companies in UTs, space, atomic energy: FM Nirmala Sitharaman

Public sector bank reforms infused equity and also ensured that they are professionally managed, also giving them independence. No cronyism has been developed through banks, says Finance Minister Nirmala Sitharaman

All industrial parks will be ranked in 2020-21, Finance Minister Nirmala Sitharaman

PM had said that we should prepare for tough competition. When we speak of Aatmanirbharbharat, we are not looking inwards, it is not isolationist policy, it is making India rely on its strengths, ready to face global challenges: FM Sitharaman

Many sectors need policy simplification, to make it simpler for people to understand what sector can give, participate in activities & bring transparency. Once we decongest sectors, we can boost the sector, for growth and jobs: FM Sitharaman

Demonetisation and GST boosted ease of doing business: FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman says that today is the fourth day since PM Narendra Modi addressed the nation on building 'Aatmanirbhar Bharat'. We have announced several tranches that will give a stimulus to the Economy across all sectors: FM

Our aim is to make India self-reliant and not isolationist: FM Sitharaman

Many sectors need policy simplification, to make it simpler for people to understand what sector can give, participate in activities & bring transparency. Once we decongest sectors, we can boost the sector, for growth and jobs: Finance Minister

Must prepare for tough competition to go global: Finance Minister Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman's press conference begins to announce the details of the fourth tranche of the economic package announced by Prime Minister Narendra Modi on May 12.

Union Finance Minister Nirmala Sitharaman to address her fourth press conference on Centre's economic package shortly.