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Nirmala Sitharaman press conference: Rs 8,100 crore for social infrastructure projects

Nirmala Sitharaman said that the government will increase the quantum of the Viability Gap Funding (VGP) scheme up to 30 per cent of total project cost by Centre and state or statutory bodies

twitter-logo BusinessToday.In   New Delhi     Last Updated: May 16, 2020  | 17:39 IST
Nirmala Sitharaman press conference: Rs 8,100 crore for social infrastructure projects
Social sector investment announced by Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has said that the government will provide Rs 8,100 crore through Viability Gap Funding scheme to the social sector. She said that this fund is being allotted keeping in mind that social infrastructure projects suffer from poor viability.

Sitharaman during her press conference on Saturday unveiled the fourth tranche of the stimulus package announced by Prime Minister Narendra Modi. She added that the government will increase the quantum of the Viability Gap Funding (VGP) scheme up to 30 per cent of total project cost by Centre and state or statutory bodies. The total outlay would be Rs 8,100 crore.

Also read: Private sector allowed entry in coal mining; govt monopoly removed

The minister had said in the beginning of the press conference that today's press conference would focus on policy reforms to fast-track investment. "Project Development Cell in each Ministry will prepare investable projects, coordinate with investors and central or state governments," she said.

The first sector Sitharaman addressed was coal. The minister said that the sector would be commercialised and the government monopoly removed. She also announced that the FDI limit in the defence sector would be increased from 49 per cent to 74 per cent. Sitharaman further stated that the government aims to boost private participation in the space sector. "Government will  provide a predictable policy and regulatory environment to private players in the space sector," she said. "Government will establish a research reactor in PPP mode for production of medical isotopes to promote welfare of humanity through affordable treatment for cancer and other diseases," she said while talking about the atomic energy sector.

Also read: Govt to create land banks to boost industrial development: FM

Also read: FM Nirmala Sitharaman announces policy reforms to fast-track investment

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