Historic structural reforms announced on Saturday will bolster domestic production and promote cutting edge innovation in defence, aviation, and atomic energy space, Minister of State for Finance Anurag Thakur said.
"Today's announcements have unleashed a new frontier of business and domestic innovation with private partnerships. There will be a tectonic shift in how India imports and does business. These sectors employ millions and will have a great significance in enhancing the economic outlook of the country in this decade," he said.
These reforms across various sectors including coal, mines, civil aviation, will have a positive impact on the growth trajectory by enhancing investments, increased production capacity and thereby offer avenues for job creation, he said in a statement.
With diversified opportunities in the coal sector, he said the new incentives will spur the growth of the sector exponentially.
Private investments have been enhanced in the mining sector with the introduction of a seamless composite exploration-cum-mining-cum-production regime, he said, adding that this would bring many more mineral blocks into the auction.
As many as 500 mining blocks would be offered through an open and transparent auction process soon, he said.
"It is given to visionary approach of Prime Minister Narendra Modi led Government, Reform – Perform – Transform have been kept in mind while devising the economic stimulus package," he said.
Thakur also said that the spirit of self-reliance has been extended to the defence sector along with airspace management that too will undergo a transformation owing to the reforms brought into effect today in the civil aviation sector.