Structural reforms announced by Hon’ble Finance Minister will boost industrial and social development in the country, create employment for technocrats and workers : PHD Chamber

No.PR-82 May 16, 2020 New Delhi Structural reforms announced by Hon’ble Finance Minister will boost industrial and social development in the country, create employment for technocrats and workers : PHD Chamber While appreciating the structural reforms announced by Hon’ble Finance Minister in the fourth tranche of Rs 20 lakh crore support package, Dr D K Aggarwal, President, PHD Chamber of Commerce and Industry said in a press statement issued here today that structural reforms announced by Hon’ble Finance Minister will attract private sector investments and strengthen state of the art infrastructure in the strategic and growth promising sectors of Indian economy including coal, minerals, defence, airports and aerospace management, power, space sector, atomic energy sector and civil aviation. The structural reforms will give a big push to industrial and social development in the country and lead to a self-reliant New India with tremendous of new employment opportunities for technocrats, skilled, semi-skilled and unskilled workforce in India, said Dr. D K Aggarwal. Enhanced FDI limit in the defence manufacturing under automatic route from 49% to 74% and promoting Make in India along with time bound defence procurement process will strengthen our domestic defence capabilities, said Dr Aggarwal. The announcement on industrial clusters up gradation along with releasing rankings of Industrial parks in 2020-21, ranking of States on investment attractiveness to compete for new investments and making information available on Industrial Information system with GIS mapping will go a long way in transforming the industrial sector of our country with improved common infrastructure facilities and connectivity, said Dr Aggarwal. Introduction of commercial mining in coal sector on revenue sharing model with liberalised norms along with investment of Rs 50,000 crore will reduce our import dependence, increase self-reliance in coal production and promote availability of coal at market prices, said Dr Aggarwal. It is highly encouraging to note that introduction of seamless composite exploration –cum-mining-cum-production regime for mineral sector along with forming Mineral Index will enhance private investments and ensure better efficiency in mining and production process, said Dr Aggarwal. Reforms in the Civil Aviation sector for efficient airspace management with an outlay of Rs 1000 crore, development of world class airports through PPP model and measures for becoming global hub for Aircraft Maintenance, Repair and Overhaul (MRO) will create employment opportunities for our technocrats and facilitate the growth of businesses, trade and tourism sector in the country, said Dr Aggarwal. Privatisation of power distribution departments/utilities in UTs will lead to better service to consumers and improvement in operational and financial efficiency in distribution, said Dr Aggarwal. Boosting private sector investment in Social Infrastructure through revamped Viability Gap Funding Scheme with an outlay of Rs 8100 crores, introduction of tariff policy laying out reforms in consumer rights, promote industry and boosting private participation in space sector and atomic energy related reforms are highly appreciable and growth provoking which will not only attract the private sector investments in industrial sector but also push the development of social Infrastructure, said Dr Aggarwal. Ends. Media Division PHD Chamber of Commerce and Industry