Print   Close

Stimulus package 2.0: FDI hike in defence sector to boost 'Make in India', says Amit Shah

BusinessToday.In     May 16, 2020

Soon after Finance Minister Nirmala Sitharaman announced policy reforms to fast-track investments in efforts toward ensuring Atma Nirbhar Bharat, Home Minister Amit Shah lauded Prime Minister Narendra Modi and the Finance Minister for these decisions.

In a series of tweets soon after the FM's press briefing, Amit Shah said, "PM Modi's mantra of Reform, Perform and Transform is the key of India's phenomenal growth in the last 6 years. I thank PM @narendramodi & FM @nsitharaman for today's landmark decisions which will surely boost our economy and further our efforts towards Atmanirbhar Bharat."

Addressing her fourth press briefing today, Finance Minister Nirmala Sitharaman on Saturday announced measures to ease restrictions on utilisation of Indian airspace, make India a global hub for Aircraft Maintenance, Repair and Overhaul (MRO), hike FDI limits for defence equipment from 49 per cent to 74 per cent, auction of 6 airports, and many more.

Also Read: Coronavirus Live Updates: Lockdown 4.0! Home Ministry may issue new guidelines today; India's cases-85,940

Amit Shah said that a strong, secure and empowered India is PM Modi's top most priority. "Raising the FDI limit in defence manufacturing to 74% and banning import of selected weapons/platforms with year wise timelines will surely boost 'Make in India' and reduce our import burden," he said.

On reforms in coal sector, the Home Minister said that Rs 50,000 crore for infrastructure development in coal industry and introduction of commercial mining is a welcome policy reform which will bring more competition and transparency. "I congratulate PM Modi for this unprecedented step to make India self-reliant in coal production."

Also Read: Big beneficiaries of Tranche IV stimulus: Adani, Vedanta, Tata Power, Anil Ambani's Reliance

On decisions to push aviation sector, he said that the industry will be benefited by about Rs 1,000 crore per year by easing out restrictions on utilisation of air space. Tax regime for MRO has been rationalised to make India a global hub for Aircraft MRO.

"I also applaud PM Modi ji for today's decisions like providing Rs 8,100 crore revamped Viability Gap Funding to boost private sector investment in social Infrastructure and encouraging private participation in Space activities so that they can become a co-traveller in India's space journey," Shah said.

By Chitranjan Kumar

URL for this article :
@ Copyright 2019 India Today Group.