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Nirmala Sitharaman Announces New Measures In 4th Tranche Of Economic Stimulus

BP World Bureau | May 16 2020 06:53:06 PM
Image credits: BP creatives

NEW DELHI: Union Finance Minister Nirmala Sitharaman announced new reforms in the fourth tranche of announcements related to the Rs 20 lakh crore economic stimulus of the central government.

The new measures are intended to help the defence production, mining, and civil aviation sectors.

Read: Nirmala Sitharaman Announces New Measures As Part Of Economic Package 

The import of a number of weapons will be banned in India for "Make In India" for self-reliance in defence production. Sitharaman added that a weapon-producing body will be eventually listed at the stock market.

Foreign Direct Investment (FDI) limit in defence manufacturing under automatic route is being raised from 49% to 74%.

To bring a benefit of Rs 1000 crores per year for aviation sector, restrictions on the utilisation of Indian Air Space will be eased so that civilian flying becomes more efficient, she said. 

Read: Govt To Invest In MSMEs, No Global Tenders for Govt Contracts Up to Rs 200 Crore: FM