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Published on 28/06/2020 2:56:00 PM | Source: IANS

PM outlines economic reforms, says several sectors 'unlocked'

Posted in Economy News| #Narendra Modi #Prime Minister #Economy

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As the economy goes through a tough time amid the coronavirus pandemic, Prime Minister Narendra Modi on Sunday outlined steps taken recently for economic liberalisation under the Atmanirbhar Bharat package whereby the government opened up coal mining and space exploration for private players.

Addressing the nation through the 'Mann Ki Baat' radio broadcast, the Prime Minister said that as the first phase of 'unlock' is underway, several economic sectors have also been 'unlocked'.

"One decision of allowing commercial mining has completely changed the situation," Modi said. On June 18, he launched the auctions for commercial mining of coal.

Speaking about opening up the space exploration sector to private players, he said that it will not only provide momentum to the Atmanirbhar Bharat initiative, but will also help India become technologically advanced.

Modi also spoke of agricultural reforms and said that post the recent decisions, farmers would now be able to sell their produce to "anyone, anywhere".

Earlier in the month, the Union Cabinet had approved the Farming Produce Trade and Commerce (Promotion and Facilitation) Ordinance, 2020, which will promote barrier-free inter-state and intra-state trade and commerce outside the physical premises of markets notified under the state Agricultural Produce Marketing legislations.

Farmers were previously restricted from selling their produce outside the notified APMC market yards, and were also allowed to sell the produce only to the registered licensees of the state governments, which is likely to be resolved post the ordinance, as farmers would no longer be under any restriction in terms of selling their produce.

He also said that farmers will now be able to get more loans.

"There are several sectors in which the country has taken historic decisions amidst all the challenges to open new paths for development," the Prime Minister said.