Seeking a faster roadmap for Special Economic Zones, Minister of Commerce and Industry Arun Jaitely said on Wednesday that the process of getting the zones ready should not face roadblocks.\n\n\n\n
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The Empowered Group of Ministers to examine the minimum area required for setting up Special Economic Zones is likely to hold its first meeting on Wednesday.
'All the animals -- buffaloes and dogs -- in the proximity of the factory are dead.' 'The situation is so serious that almost one lakh people from nearby localities have moved to safer places fearing the after-effects of the gas leak.' 'There is lot of panic.'
Diversified group Mahindra and Mahindra will set up its third Special Economic Zone at Pune, which is likely to see investments of Rs 9,000 crore (Rs 90 billion).
Close on the heels of announcing sops for special economic zones, the government on Friday assured exporters that it will take more steps to enable them to compete globally.
The development comes at a time when growing tension in US-China trade ties is forcing companies to explore alternative manufacturing sites in order to derisk operations.
The finance ministry on Friday said revenue loss on account of fiscal sops to Special Economic Zones is estimated to be Rs 1,02,621 crore.
The freeze on special economic zones may go in the next 10 days, with the empowered group of ministers expected to give its nod to proposals that show land has already been tied up.
The commerce ministry has projected Rs 21,631.94 crore (Rs 216.31 billion) worth of exports from the 63 special economic zones, which have been notified since February 2006. Till date, Rs 13,435 crore (Rs 134.35 billion) has been invested in them.
The government has said it will examine proposals for the simplification of procedures for export oriented units and special economic zones in a time-bound manner.
The Narendra Modi-led National Democratic Alliance government has given environment clearance to five projects since it took charge on May 26.
The government will treat sales from domestic tariff area to Special Economic Zones as exports in a bid to attract more foreign direct investment, which could turn out to be an engine of growth.
The government will come up with a legislation, which will have a fiscal package, including a 20-year income tax holiday for special economic zones, by December end, a top government official said on Tuesday.
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