Enhancing private investments in mineral sector:
- Introduction of a seamless composite exploration-cum-mining-cum-production regime.
- 500 mining blocks will be offered through an open and transparent auction process
- Introduction of Joint Auction of Bauxite and Coal mineral blocks to enhance Aluminum Industry’s competitiveness. Will help aluminium industry reduce electricity costs.
- Remove distinction between captive and non-captive mines to allow transfer of mining leases and sale of surplus unused minerals, leading to better efficiency in mining and production.
- Ministry of Mines is in the process of developing Mineral Index for different minerals
- Rationalisation of stamp duty payable at the time of award of mining leases.
Defence Production:
- FDI limit in defence manufacturing under automatic route will be raised from 49% to 74%
- ‘Make in India’ for Self-Reliance in Defence Production. Notify a list of weapons/platforms for ban on import with year wise timelines. Indigenisation of imported spares. Separate budget provisioning for domestic capital procurement. Will help reduce huge Defence import bill.
- Improve autonomy, accountability and efficiency in Ordnance Supplies by Corporatisation of Ordnance Factory Board.
- Time-bound defence procurement process and faster decision making will be ushered in by setting up of a Project Management Unit (PMU) to support contract management; realistic setting of General Staff Qualitative Requirements (GSQRs) of weapons/platforms; overhauling trial and testing procedures.
Tariff Policy reforms:
- Consumer Rights – DISCOM inefficiencies not to burden consumers. Standards of Service and associated penalties for DISCOMs. DISCOMs to ensure adequate power; load-shedding to be penalized
- Promote Industry – Progressive reduction in cross subsidies. Time bound grant of open access. Generation and transmission project developers to be selected competitively
- Sustainability of Sector – No Regulatory Assets. Timely payment of Gencos. DBT for subsidy; Smart prepaid meters.
To refer to Tranche IV of the FM’s announcements, click here.
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