To meet its $50-billion export target by 2030, the Uttar Pradesh government is looking to significantly scale up services sector, with a focus on Information Technology (IT) and Global Capability Centres (GCC) domains. Under the UP Export Promotion Policy 2025-30, the state aims to raise goods and services exports from $21 billion in 2024 to $50 billion by 2030.
During April-September 2010-11, exports from the tax free enclaves had clocked Rs 1.39 lakh crore (Rs 1.39 trillion).
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.
During April-December 2009-10, exports from special economic zones stood at Rs 1,51,785 crore (Rs 1,517.85 billion).
State governments have requested the Centre for export incentives, lifting of import duty in the case of cotton for the textile sector and GST exemptions.
Out of 389 SEZs notified, 170 are operational, Export Promotion Council for export-oriented units and special economic zones (EPCES) said in a statement.
More developers may withdraw their special economic zones projects, as they lose tax-free status with imposition of minimum alternate tax and further burden through direct tax code, Export Promotion Council for Export-oriented Units and and SEZs said.
The draft direct tax code that will lead to overhaul of the Income Tax Act, has created uncertainty among the developers and units in the special economic zones over continuation of the tax sops.
The developers, including Raheja Ltd, Ascendas, L&T and GMR, among others, are in the Ministry of Commerce and Industry's Export Promotion Council for export oriented units and special economic zones.
Prime Minister Narendra Modi had asked exporters to prepare a strategy for the next five years and start working in that direction.
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
The Reserve Bank of India on Monday moved on Monday to tighten gold imports again in an attempt to rein-in a record high current account deficit by taming demand for the yellow metal.
Developers had been urging dual usage of their SEZ land since the beginning of global financial recession in 2008.
More than Indian exporters, it is Indian business families based in Sri Lanka and Hong Kong which have exploited the Bangladesh advantage
We have our own problems for sure and they are not trivial, but for now, our economy is in not too bad a shape, our politics is as personality-driven and authoritarian as that of most countries in the world. We must make the best of what we have and not be excessively unhappy looking at the grass on the other side of the septic tank which may not be greener after all!, observes Shreekant Sambrani.
The Planning Commission has not been central to the policy making process since the mid-1960s, says Nitin Desai.
Here's the full text of President Ram Nath Kovind's customary address to the joining sitting of Parliament on the first day of the budget session.
Prime Minister Narendra Modi is in Tanzania where he held talks with Tanzanian President John Pombe Joseph Magufuli.
Modi also made a call for European Union unity and said India would play a positive role in enhancing that through Germany.
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