Finance Minister Nirmala Sitharaman unveiled structural reforms for various sectors to help build a self-reliant India under the Atma Nirbhar Bharat Campaign, today.

Prime Minister Narendra Modi had on Tuesday in his address to the nation announced a special economic package equivalent to 10 per cent of India’s GDP, amounting to Rs 20 lakh crore.

Addressing a media briefing in New Delhi, Finance Minister in her announcement of the fourth tranche of measures to address the economic situation in the country, due to COVID-19, outlined structural reforms with focus on eight sectors of coal, minerals, defence production, civil aviation, power distribution companies, space sector and atomic energy.

In a major announcement, Ms Sitharaman informed that, Foreign Direct Investment (FDI) limit in defence manufacturing under automatic route will be raised from 49 per cent to 74 per cent.
With an aim to boost Make in India, Finance Minister announced that a list of weapons or their parts would no longer be imported and their indigenous production will be ensured within the country. Government will notify year-wise timelines to ban such imports.

In another historic structural reform announced by Ms Sitharaman, Corporatisation of Ordnance Factory Board to improve autonomy, accountability and efficiency among Ordnance Suppliers was done.

Earlier on Wednesday, the Finance Minister announced a slew of measures to help the Micro, Small and Medium Enterprises (MSMEs), Financial Institutions, real estate, Discoms in rural areas, Tax Payers and Provident Fund Subscribers.

In her second announcement on Thursday the focus lied on migrant workers, street vendors, small traders, self-employed people and small farmers.

Yesterday’s announcement saw major relief packages for agriculture and allied activities.