India: Private players welcome to space, defense, nuclear power and other key sectors

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Nirmala Sitharaman
Nirmala Sitharaman, Finance Minister of India
Image Credit: ANI/Twitter

Delhi: In a press briefing on Saturday, the Indian Finance Minsiter Nirmala Sitharaman outlined a set of financial changes planned for the Indian economy in various sectors. ‘Encouraging the private sector’ was the recurrent phrase of the conference with key sectors being opened to direct private investments.

One of the key sectors discussed was the space sector. Sitharaman said, “The private sector will be allowed to use ISRO facilities and other relevant assets to improve their capacities.” She added that the Indian private sector will be a co-traveller in India’s space sector journey. Future projects for planetary exploration, outer space travel, etc. will be open for the private sector, she said.

In the fourth tranche of Rs 20 lakh crore stimulus package, Sitharaman also announced the introduction of a seamless composite “exploration-cum-mining-cum-production regime” while addressing a press conference along with Minister of State for Finance Anurag Thakur.

In the coal sector, private sector participation will be done through a revenue-sharing mechanism instead of regime of fixed rupee/tonne wherein any party can bid for a coal block and sell in the open market.

Moreover, entry norm will be liberalised as part of which nearly 50 blocks will be offered immediately. No eligibility conditions, only upfront payment with a ceiling, said the Finance Minister.

As for nuclear energy, Indian start-ups and tech entrepreneurs will be linked up with nuclear research facilities through tech development-cum-incubation centres to foster synergies.



gulfnews.com2020-05-23 23:37:03

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