Worried over the impact of global slowdown on exports, the Commerce Ministry has initiated an exercise to revitalise SEZs, which contribute over Rs 3 lakh crore, or about 28 per cent, to the country's total outbound shipments.
In the March quarter analysts' presentation, the company had said it was targeting to raise a total of Rs 10,000 crore (Rs 100 billion) from non-core asset sales in the medium term.
No casualties were reported.
Reliance Industries has applied to the government to de-notify over 40 per cent of its Special Economic Zone in Gujarat as it plans Rs 45,000 crore projects in that area to cater to domestic market.
Plans for SEZ, logistics and coffee chain, among other segments
Investors are apprehensive about the draft Direct Taxes Code.
West Bengal is having a rerun of the Nano episode, but this time it doesn't want the lead actors to exit the stage prematurely. The government is ready for whatever manoeuvres it takes to retain Infosys and Wipro projects in the state.
The government will next week consider requests from Mukesh Ambani-led Reliance Group firms and other companies for extension of validity for their different special economic zones.
Global investment firm Citigroup is bullish on Indian equity markets.
The government, under the Finance Act, 2020, had allowed tax exemption for SWFs and pension funds in the case of incomes from investment in 34 key infrastructure sectors, including hotels, cold chains, educational institutions, hospitals, and gas pipelines.
When asked what the Infosys stand will be, Binod Hampapur, senior vice-president and global head of commercial and corporate relations at Infosys, said that the company will wait for the letter before the company makes any comment.
The state government was under a mammoth debt of Rs 2 lakh crore.
Undeterred by strong objections from opposition parties and several non-government groups, the Maharashtra government is to proceed with the Maharashtra Special Economic Zones and Designated Areas Bill in the legislature during the winter session beginning on December 1 in Nagpur.
IT, IT-hardware, petroleum, engineering, leather and garments are the leading exports from the SEZs.
When Dell decided to start its operations in Tamil Nadu, the state government wanted the company to operate from a rural area.
Changing the rules of the game for developers or units who have already committed funds upsets the financial calculations that guided the investment decision. It is another matter if the government makes it clear that newcomers will be subject to taxes.
IT companies would be entitled to the same tax benefits as SEZ developers.
Also considered as a green initiative, it would help the units reduce transaction cost and time.
Small and medium information technology companies operating out of the Software Technology Park of India (STPI) and who have not relocated their business operations to the special economic zones (SEZs) could stand to lose a substantial part of their tax holidays after the forthcoming Budget.
In its meeting in New Delhi, the inter-ministerial Board of Approval also approved India's largest stainless steel producer JSL's proposal to surrender its sector-specific SEZ in Orissa, Commerce Ministry Additional Secretary D K Mittal told PTI.
Merchandise exports from 143 operational SEZs totalled Rs 72,255 crore (Rs 722.55 billion) in the April-June period.
Cabinet nod not required after commerce ministry approval.
DLF will appeal against a verdict ordering demolition of the special economic zone in Gurgaon.
In a bid to create an ecosystem of both large and small companies in the chemical and engineering industries, Gujarat Industrial Development Corporation (GIDC) is developing specific zones for small and medium enterprises in these two sectors.
The government has given more time to 20 SEZ developers, including Tata Consultancy Services and Mahindra World City, to execute their projects. At a meeting on January 14, the Board of Approval (BoA) headed by Commerce Secretary Rahul Khullar also allowed four SEZ developers to surrender their projects.
The Bill was introduced in the Legislature in April this year, but despite being listed on the agenda during the recently concluded Monsoon Session, it could not be taken up for discussion.
It also sought exemption from Research and Development Cess for joint ventures implementing the offset obligations under the Defence Procurement Procedure introduced a couple of years ago to energise the defence market.
The Environment Ministry on Thursday issued a show cause notice to Mundra Port & SEZ Limited, a private port and special economic zone being developed on the west coast of the country, for alleged violation of the provisions of the Coastal Regulation Zone Notification.
Since January this year, Indian exporters have begun to dread the shipping news. That's because most of it would be about another lot of shipping companies deciding to avoid Indian ports on account of delays.
Nasdaq-listed Infosys has said it was the failure of the state government in fulfilling the agreed conditions that led to the delay in executing its 448-acre IT Special Economic Zone project in Hyderabad.
Social networking site Facebook will be launching its India operations from Hyderabad - its first office in Asia - within two months from now. A proposal to this effect was cleared by the government on Saturday.
Adani says size of the balance sheet of the company will double after the acquisition.
The trust has got the government's approval to set up a fifth terminal at the port. The terminal, which will have a capacity of 8-10 million cubic metre, is likely to cost JNPT Rs 20,000 crore (Rs 20 billion).
As per the SEZ Act, 2005, and SEZ Rules, 2006, SEZ units are entitled to exemption from duty of customs and excise, exemption from service tax and VAT, exemption from stamp duty and registration fees and exemption from electricity duty, besides income tax exemption on export profits.
Finance Minister has proposed to levy MAT of 18.5 per cent on the book profits of Special Economic Zone developers and units.
What is really at stake is the future of the local economy and its place in the larger picture.
Excise duty on formulations has increased from 4 per cent to 5 per cent.
The proposal was mooted by the department of industrial policy and promotion in the ministry of commerce and industry.
The government is expected to end the benefits under Section 10A and 10B of the Income Tax Act.
Expressing serious concerns over the DTC Bill, SEZ entrepreneurs on Tuesday said the proposed tax provisions would hit employment and drive away investors from the special economic zones.
