Real estate companies are rushing in on the opportunities galore around the two SEZs promoted by Reliance Industries.
The Centre cannot de-notify three special economic zones that have been notified in Goa, but can cancel others following the state government's decision to scrap such zones, Commerce Secretary Gopal Pillai said on Wednesday.
Replying to supplementaries to a host of questions on SEZs in Rajya Sabha, Commerce and Industry Minister Kamal Nath said special economic zones have become important engines of economic growth. The minister's reply triggered angry reactions from Left, BJP and some Congress members, who claimed that SEZs have become real estate business as norms are being violated and sought a special discussion on the matter.
There are four nodes and each of these, like Dronagiri, is also formally termed an SEZ, all part of the NMSEZ.
Unaffected by controversies, global financial market heavyweight Soros group, has approached the Indian government, expressing interest to invest in special economic zones in India.
Reliance Industries Limited has chalked out a novel scheme to compensate and rehabilitate the displaced people from Special Economic Zone areas the company is developing.
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.
A Parliamentary Committee has pulled up the government for going ahead with approvals for more Special Economic Zones without waiting for its report on the subject.
DFC is the US government's development finance institution. Adani Ports and Special Economic Zone Limited (APSEZ) in a statement said that the US fund will support the development of deepwater shipping container terminal in the Port of Colombo.
The decision regarding this was taken by the Board of Approval in its meeting on September 18.
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 Act is criticised as an imperial legislation, lacking ameliorative measures for the deprived, with obsolete benchmarks for determining compensation.
G K Pillai, chairman of India's Board of Approval for SEZs, demystifies SEZs and the controversy surrounding them.
It is also stipulated that these units cannot under any circumstances source items locally for export purpose.
The Mayawati-led Uttar Pradesh Cabinet decided to refer the 1,200-acre SEZ proposal to New Delhi as it violated the contiguity norms laid down by it.
The government has put the brakes on fresh approval and notification of zones beyond the 63 already notified.
Even as the SEZ Board of Approval meeting, held in New Delhi on Thursday, deferred taking a decision on Essar's request to link its steel-based zone at Hazira
Created to develop special economic zones in the northern state, Reliance Haryana SEZ Ltd is a joint venture between Reliance Ventures Ltd, an RIL subsidiary, and Haryana State Industrial Investment Development Corporation.
Tata Consultancy Services, Infosys and Essar were among 17 aspirants, who were granted in-principle approval by the government on Monday for setting up Special Economic Zones.
'We have discontinued or replaced certain contractual staff, total number not exceeding double digits, in the north India operations involved in activities under the discretionary cost head,' a Reliance Industries spokesperson said in reply to an e-mailed query sent by Business Standard. According to some employees, who claimed to have been retrenched, the number of laid-off people is much higher. However, the company denies this.
Faced by criticism on its special economic zone policy, the government is preparing guidelines for acquisition of land from farmers for setting up SEZs.
In addition to the negative sentiment as a consequence of changes announced in the Union Budget 2023-24 concerning tax treatment for debt repayment distribution, concerns about hiring slowdown and its leasing impact, as well as higher interest rates, could blight the sector in the near term.
The government on Friday said any freeze on number of Special Economic Zones would not be feasible given the country's demographic reality.
In 2008-09, SEZ exports grew 10 times as fast as overall exports - this year, they've risen while overall exports fell, says Aradhana Aggarwal.
The government on Tuesday cleared nine fresh proposals for setting up special economic zones, most of which are related to IT and ITES, followed by the bio-technology sector.
The government has also ruled out the need for an amendment to the SEZ Act, as was demanded by Left parties.
Speaking to Business Standard on the sidelines of the ground breaking ceremony of the Chennai-based Sri City's SEZ in Tada, in Andhra Pradesh, last week, Singhal said SEZs in the country have so far generated over 300,000 jobs, adding once all the 462 zones start functioning, they are expected to create 4 million jobs.
The Commerce Ministry on Friday proposed revamp of the SEZ policy to address issues concerning land acquisition and boost exports with a view to bridge the widening trade deficit.
Commerce ministry has written to finance ministry to retain all the fiscal incentives for the special economic zones in the new direct tax code.
Real estate developer K Raheja Universal Private Ltd wants to scrap one of their notified special economic zones and also surrender a part of another zone, citing lack of demand from the information technology sector.
With an aim of roping in a strategic partner for its Haryana SEZ project, corporate giant Reliance Industries is believed to be in talks with IL&FS and a couple of other players for part-sale of its stake.
The Raigad District Collector had last month issued a notice asking the landowners in the 22 project-affected villages in the district to record their statement regarding their consent for the land acquisition. The petition says that this move is a result of the pressure from local politicians for opposing the SEZ.
Development commissioners have been asked to forward proposals regarding SEZs along with their comments at the earliest so that they could be deliberated over at the meeting, it said.
The Board of approval had given more time for Raheja's to develop their project in the state. The project is one amongst the three SEZs recommended to be denotified by the state government. Goa's Rajya Sabha member Shantaram Naik said he would meet new Union Commerce ministry Anand Sharma and brief him on the issue.
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