Noida SEZ has 400 units and around 100,000 workers, and was shut down on March 23.
"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.
International Finance Corporation, which plans to hike its India exposure to $1.5 billion by 2007, is eager to invest in the equity of special economic zones, including the Rs 4,950 crore (Rs 49.50 billion) Maha Mumbai SEZ.
First reversal after last year's protests in the state.
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.
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 government will come out with new guidelines to revive export hubs, special economic zones (SEZs), which have lost sheen after imposition of certain levies and proposal to take away tax incentives.
Singapore has decided to set up a model special economic zone in India, based on which will be set up two other SEZs. They will be known as Singapore India economic zones.
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.
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The request for relaxation came from large manufacturing units which have stated that the move would help facilitate manufacturing processes and augment exports.
With a comprehensive SEZ Act in place, the Union Commerce and Industry minister Kamal Nath said his ministry would go ahead with the plans to develop SEZs across the country, despite oppositions from the finance ministry.
Leather exporters have chalked out plans for setting up five special economic zones for giving a much-needed boost to the sector by availing tax incentives offered under the SEZ Act.
A total of 11 special economic zones had been sanctioned in Kerala, Chief Minister V S Achuthanandan informed the state assembly on Friday.
The dilemma over acquiring of farmland for special economic zones without hurting the interests of the farmers came up for discussion at the India-US Forum of Parliamentarians organised by Asia Society in New York.
SEZs are allowed duty-free imports as opposed to a maximum of 6 per cent charged on imports by other entities.
Assembly elections in three states may delay fresh clearances to the politically sensitive Special Economic Zones, though 41 of them including those promoted by Tata, Infosys and Wipro were up for notification
Directorate of Revenue Intelligence officials on Monday visited the Mukesh Ambani-promoted Special Economic Zone at Jamnagar to ascertain the area used for setting up the export zone.
The government on Wednesday relaxed its policy for IT SEZs and allowed the employees to carry out their duties even from home.
Real estate and hospitality major Hiranadani Constructions on Friday said it has plans to set up two Special Economic Zones - one in Powai and the other in the city periphery.
The government said on Wednesday more than 200 applications for setting up special economic zones are pending with it.
Who owns the Navi Mumbai SEZ project? That's the question the IT department seems to be asking.
Clarifying the issue of applicability of penal provisions in SEZs, the government said the the SEZ would come under the the Foreign Trade (Development and Regulation) Act. The Foreign Trade Act provides for punishment for violation of the foreign trade rules. Besides exporters and importers, it also covers export-oriented units.
The proposed Direct Taxed Code (DTC) is likely to adversely affect the exponential rise in exports from special economic zones (SEZs).
The government on Friday formally cleared Reliance Industries' Rs 16,000 crore (Rs 160 billion) petrochemical special economic zone, which would come up near the company's Jamnagar refinery.
The government on Monday approved the proposals of Reliance Industries, Wipro, Hewlett Packard and Biocon to set up Special Economic Zones -- a move that is expected to generate at least 67,000 jobs by March 2006.
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.
Led by a $6.5 billion surge in personal net worth on Tuesday, Gautam Adani, chairman of the Adani Group, is back in the top 20 of the world's richest list and is now ranked 19th globally. Adani is also now India's second richest with a net worth of $66.7 billion as of Tuesday, per the Bloomberg Rich List, while Mukesh Ambani, chair of Reliance Industries, is ranked number one in India and number 13 in the world with a net worth of $89.5 billion.
Scores of leading SEZ promoters, including Infosys Technologies, CMC Ltd, Hindalco Industries, NIIT Technologies, HCL Technologies, Orient Craft Infrastructure, L&T Phoenix Infoparks and K Raheja Corp, have sought more time from the Board of Approval, which is meeting in New Delhi on June 2.
Merchandise exports from 143 operational SEZs totalled Rs 72,255 crore (Rs 722.55 billion) in the April-June period.
Requirements on minimum size, contiguity and vacant stretches to be eased; MAT and DDT to stay
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.
The pro-SEZ lobby is claiming that the benefits of dam are going to be minimal for these villages as the irrigation department has already committed water for various other purposes. However, the anti-SEZ activists are claiming that enough water is still available in the dam to irrigate the land in 22 villages.
The government has approved a Rs 675 crore (Rs 6.75 Special Economic Zone by Finnish telecom major Nokia near Chennai.
Infosys has asked the West Bengal govt to give them land or repay the token amount the former had paid earlier.
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.
Reliance Haryana SEZ, a joint venture between Reliance Ventures Ltd -- an Reliance Industries subsidiary, and Haryana State Industrial and Infrastructure Development Corporation has so far bought 7,001 acres of land in Jhajjar district and about 1,200 acres and 1,383.68 acres of HSIIDC land in Gurgaon.
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