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.
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.
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.
"We are confident that the status quo will be there...the issue has been taken up at the highest level," additional secretary in the Commerce Ministry D K Mittal said.
The zones will be required to register themselves with www.sezindia.nic.in. Currently, developers have to send SEZ-related applications to the Department of Commerce, after which the inter-ministerial Board of Approval (BoA), headed by Commerce Secretary Gopal K Pillai, takes a call on them.
"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.
Nandigram remained in headlines throughout the year despite the West Bengal government cancelling the SEZ project of Indonesia's Salem Group in January following violence and political pressure on Chief Minister Buddhadeb Bhattacharjee.
For the first time since its inception in 2006, the Board of Approval on special economic zones in its next meeting in March will take up a proposal from a developer to merge these tax-free industrial enclaves for exports.
The new Special Economic Zones, including the Reliance Industries' Jamnagar refinery, would help increase India's SEZ exports by 40 per cent this fiscal, righting partially the dismal picture of the country's total exports, according to government estimates.
The Maharashtra government's industrial infrastructure arm MIDC signed a Memorandum of Understanding with four companies for developing special economic Zones, which will attract minimum investment of Rs 17,000 crore (Rs 170 billion) and create employment of more than 50,000.
Rajasthan's chief minister Vasundhara Raje on Wednesday laid the foundation stone for setting up an IT/ITES SEZ by Somani Worsted Ltd and manufacturing facilities of Jaquar Ltd and Orient Craft Ltd in Bhiwadi. Digamber Singh, Rajasthan's minister of industries, was also present on the occasion.
In what may be a sign of the changing political environment ahead of general elections, the Centre has turned down the Maharashtra government's proposal to provide labour law flexibility in special economic zones.
Hiranandani is planning to set up a 250-acre multi-services SEZ in Hyderabad. They have tied up with city-based Lahari Infrastructure Limited, in a 50:50 joint venture.
India's third largest software exporter, Wipro Ltd, has said its proposed special economic zones (SEZs) in Pune and Chennai would be operational in 18 months.
A senior state government official said, "Reliance managed to buy the land through direct negotiations with farmers." The state government would forward the company's application to the Centre as soon as it came with an official proposal, he added.
As per the SEZ Act, 2005, and SEZ Rules, 2006, SEZ units are entitled to exemption from duty of customs and excise, exemption from service tax and VAT, exemption from stamp duty and registration fees and exemption from electricity duty, besides income tax exemption on export profits.
Three special economic zones promoted by Mukesh Ambani and Anand Jain in Navi Mumbai are among among 36 proposals that got cleared by the Board of Approval on Friday.
Four developers, including L&T Chennai Projects and Welspun Anjar, have approached the Commerce Ministry to surrender their IT and textile zones respectively.
Reliance Industries has applied to the government to de-notify over 40 per cent of its Special Economic Zone in Gujarat as it plans Rs 45,000 crore projects in that area to cater to domestic market.
Facing all-round attack over Nandigram, West Bengal Chief Minister Buddhadeb Bhattacharjee sought on Wednesday a 'fresh look' into the Centre's policy on SEZs, which he felt should be restricted to select industries. He also wanted the Centre to fix a ceiling on land for a particular type of SEZ and work out the percentage of land area to be compulsorily utilised for industries within that limit.
In its meeting in New Delhi, the inter-ministerial Board of Approval also approved India's largest stainless steel producer JSL's proposal to surrender its sector-specific SEZ in Orissa, Commerce Ministry Additional Secretary D K Mittal told PTI.
As many as 237 formally-approved zones are pending final notification, while another 81 fresh proposals are waiting to be approved.
The BoA, headed by Commerce Secretary G K Pillai, will consider granting formal clearances to Mukesh Ambani-promoted Navi Mumbai Special Economic Zone and Hindalco aluminium SEZ in Orissa.
SEZs will help alleviate the infrastructure deficit in the country.
SEZs will help alleviate the infrastructure deficit in the country.
Even as Left parties have demanded a review of the tax concessions provided to SEZs, the DoT has sought extension of excise duty exemptions to industrial units set up in telecom-specific SEZs.
The BoA also allowed three developers, including Unitech Infopark, to surrender their SEZs, he said, adding they would have to pay back the tax concessions availed while executing the projects and other pending dues.
The government said on Wednesday the setting up of special economic zones would not impact agriculture production in the country as the land needed for them is just a small fraction of the total cultivable land.
Since no communication has been received from the Goan govt. on the cancellation of SEZs, the issue remains unresolved.
The board formally approved 10 SEZs, including a 16 hectare IT zone of Tata Consultancy Services in Kolkata, Saloni Business Park Private Ltd's 27.5 hectare biotech zone in Thane and a 4.77 hectare electronic hardware and IT zone in Raigad, proposed by Modern India Property Developer.
The government would consider fresh applications for SEZs on December 15.
Domestic equipment hiring firm Gremach Infrastructure Equipments and Projects Ltd on Monday said it will invest Rs 425 crore (Rs 4.25 billion) in the Gandhinglaj Special Economic Zone (SEZ) in Maharashtra.
The Board of Approvals on Wednesday gave final clearance to 15 Special Economic Zones but deferred a decision on the Navi Mumbai zone promoted by Reliance Industries chief Mukesh Ambani and Anand Jain.
Plans for SEZ development are still in their nascence, Chitty Babu, managing director, Akshaya Homes, said.
The commerce ministry is proposing a host of direct and indirect incentives such as deferral of import duties and exemption from export taxes to revamp Special Economic Zones through a new legislation, an official said. In the Union Budget this year, the government proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH). The official said the commerce ministry has sought views of different ministries, including finance, on the new bill.
The Centre has proposed to set up a special economic zone for renewable energy device manufacturers, at a proposed investment of Rs 30,000 crore (Rs 300 billion), according to Union Minister of State in charge of non-conventional energy, Vilas Muttem
Developers will soon be allowed to transfer used plant and machinery of up to 20 per cent of their total capital goods requirement to special economic zones they set up.
The International Monetary Fund on Thursday asked India to "very carefully" look at the much-touted Special Economic Zones, saying the giveaways and tax sops to the zones could divert industrial activity from the rest of the country.
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