The eGoM on SEZ, headed by External Affairs Minister Pranab Mukherjee could not meet since January 2007, as controversies and violent protests broke out on the issue.
Leading realty firm Parsvnath Developers Ltd on Friday said it has put on hold 12 Special Economic Zone projects across the country due to credit crunch.
At least clear zones where firms have own land, says minister.
The Department of Commerce is preparing guidelines for setting up single-window clearance systems in states for special economic zones (SEZs). he move comes after a recent review by the department, in which it was found that the SEZ developers were facing problems in getting approvals in many states.
Since the SEZ Act was notified in February 2006, 22 SEZs have been up and running. In the last financial year (2006-07), these SEZs collectively exported goods worth Rs 33,000 crore (Rs 330 billion) , roughly 6 per cent of India's total exports of Rs 5,71,641 crore (Rs 5716.41 billion). Officials also pointed out that 52,000 people have found employment in the new SEZs set up after 2005.
A possible solution would be to set them up in the barren land or in land with low agricultural productivity.
Mukesh Ambani-promoted Mumbai Special Economic Zone Company (MSME) has claimed a rehabilitation package drafted by it is better than the one cleared by the government.The MSEZ package offers many attractive monetary benefits and career opportunities.
The rehabilitation policy, which is being currently formulated by the Ministry of Rural Development, is unlikely to affect the special economic zones already approved by the government.
The two countries have already formed a Steering Committee to carry forward the proposals, one of which relate to setting up a 2,500-acre multi-product SEZ in the south.
The, villagers, backed by the opposition, were protesting the acquisition of land for a Special Economic Zone.
The opposition questioned the earmarking of a substantial 60,000 hectares of land for these zones, saying it was far beyond the necessity. Ravi Shankar Prasad (BJP) said half of the land was being handed out to non-processing zones, which the country's "land sharks" were acquiring with imputiny to set up hotels, restaurants and malls.
"I have always felt that the true value of SEZs must be judged by the extent to which they help promote labour-intensive manufacturing," Minister of State for Commerce Jairam Ramesh said on Wednesday.
Having completed the country's largest initial public offering of $2 billion (about Rs 8,200 crore), DLF Chairman K P Singh is getting ready to raise a similar amount in Singapore.
The Board of Approval on Tuesday cleared 10 special economic zone proposals, including three Mukesh Ambani-promoted IT zones in Navi Mumbai.
After witnessing IT boom, Karnataka is keen on developing aerospace industry in a big way through a special economic zone.
India continues to be an attractive foreign direct investment destination to foreign investors despite controversies over special economic zones, a global investments expert said in New Delhi.
This decision will come as a relief to Essar's multi-product port-based SEZ project in Hazira as well as of Adani Group's zone in Mundra, which the revenue department felt was not built on vacant land when it was notified, and hence it had violated the law. Both the zones are in Gujarat.
Maruti Suzuki's next offering, the A-Star, a premium hatchback car, will be the first vehicle to be exported from the company's car terminal at Mundra Port, which is expected to be operational by December 2008. A joint venture between Maruti Suzuki and Mundra Port and Special Economic Zone (MPSEZ), the terminal is being set up with an investment of Rs 100 crore (Rs 1 billion).
A leading exporter said, there is enough stock of paracetamol in the country. At present, the US, which has become the epicentre of the COVID-19 outbreak, needs paracetamol. He further said India would lose its credibility as the "pharmacy of the world" if it adopts protectionist policies during such a crisis.
"We will learn from their experiences of becoming crorepatis," he said. Kalbhairva also intends to talk to financial institutions for assistance and is even planning an initial public offer.
Senior Shiv Sena leader Manohar Joshi courted arrest at Belapur on Thursday along with party workers as part of the 'jail bharo andolan' to protest the Mahamumbai special economic zone of Reliance group in Raigad.
A key meeting of senior United Progressive Alliance government ministers and political parties, including the Congress and its Left allies, failed to secure a political consensus on the showpiece Special Economic Zones initiative.
The government on Thursday cleared six proposals for setting up special economic zones, taking the total number of such enclaves approved to more than 450.The Board of Approval (BoA), chaired by Commerce Secretary Gopal Pillai, took up nine proposals, of which five were granted formal approvals and one in-principle.
The West Bengal government on Thursday said it has received applications for 21 SEZs in the IT sector, of which six were in the final stage of approval. A SEZ set up by Wipro was already functioning in the state, while the other six can take up construction soon. A wireless technology research centre was being set up at Calcutta University. Commenting on WB's progress, State IT Minister Debesh Das said starting IT in 1999-2000 by 2005-06 the state witnessed 17-fold increase.
The Tamil Nadu government on Monday entered into a joint venture with Hyderabad-based GMR Infrastructure Ltd to set up a multi-product Special Economic Zone in the state's Krishnagiri district at a cost of Rs 2,300 crore (Rs 23 billion).
Wants CBDT to plug loophole in the system.
The much-touted special economic zones policy runs the risk of being reversed, in terms of attractive tax exemptions it offers, with the government's finances coming under stress, a study has said.
The Special Economic Zone (SEZ) Act of 2005, which completed two years on February 10, 2008, has facilitated a 200 per cent rise in exports from these zones during the period, and has led to an incremental investment of Rs 70,416 crore (Rs 704.16 billion).
The Parliamentary Committee on Special Economic Zones on Friday said no further SEZs should be notified unless the law is amended to include changes pertaining to land acquisition.
The Tamil Nadu government on Friday signed a memorandum of understanding (MoU) with Hyderabad-based GVK Group to set up a Rs 1,500-crore (Rs 15 billion) multi-products special economic zone in 3,000 acres in Perambalur district.
Street believes premium valuations justified, as port traffic is expected to grow at a CAGR of 16% over FY14-16.
The government said on Monday it expected an investment of Rs 22,500 crore (Rs 225 billion) over the next five-six years in a proposed Special Economic Zone for manufacturing renewable energy equipment.
The empowered group of ministers, headed by External Affairs Minister Pranab Mukherjee, had imposed a 5000 hectare ceiling on SEZs last year following widespread protests over land acquisition. The meeting of the eGoM, scheduled for February 4 to review the land ceiling was cancelled.
Exports of jewellery from India have gone up 32 per cent in the last two months ended May thanks to increasing demand and sale diamonds abroad.
Thirteen companies have joined the Rs 1-trillion-plus market capitalisation club this year, so far. This even as the benchmark Sensex has gained less than 3 per cent on a year-to-date basis, underscoring the bullish undercurrent in the broader market. The trend shows a harsh second wave of Covid-19, subsequent lockdowns, and hit to the economic activity has made little dent into India Inc or shareholders' wealth. At the start of the year, there were 29 companies with a market value of more than Rs 1 trillion.
Asserting that India had removed many barriers in trade and investment
