Prime Minister Manmohan Singh launched real estate developer DLF Universal's Special Economic Zone project here, as part of initiatives to revive the state's industrial sector.
Mumbai-based real estate developer, Royal Palms, is developing Mumbai's first Gem & Jewellery Special Economic Zones on a private land at an expenditure of Rs 400 crore.
Parliament's Standing Committee on Finance has criticised the government for not doing a review of the tax exemptions given to Special Economic Zones (SEZs) and an evalutation of the losses due to these.
National Association of Software and Service Companies advocated the creation of Special Economic Zones
The net profit of the listed Adani group companies more than doubled year-on-year (Y-o-Y) in the first half of 2023-24 (H1FY24), even as their revenue declined in this period. The nine firms posted a 107.7 per cent jump in net profit at Rs 23,929 crore in April-September compared to the year-ago period. Net sales, on the other hand, were down 14 per cent to Rs 1.49 trillion in H1FY24, data collated by Business Standard showed.
The ruling came after Maha Mumbai SEZ Sangharsh Samiti, a local organisation opposing the SEZ, on Friday informed the high court that a public interest litigation relating to the project is pending before the Supreme Court.
Sonia Gandhi's publicly-aired concern over the acquisition of fertile farmland for special economic zones has evoked a prompt response from corporate India, which does not want to delay showing its farmer-friendly face.
Maharashtra SEZ act yet to be notified.
He urged China to bolster the flow of its tourists to the Maldives.
In the previous fiscal, exports from the SEZs was Rs 99,689 crore (Rs 996.89 billion). Exports from Reliance Industries' Jamnagar refinery is likely to contribute substantially to the total shipments this fiscal, another official said.
Senior government officials says the matter was discussed at a meeting of the ministerial group on special economic zones (SEZ) last week.
Last week, the 20-hectare zone had got embroiled in a controversy amid reports that the state government was taking back the land. This was after allegations that the land was allotted in an unfair manner. But Chief Minister Rajasekhara Reddy said the government would not cancel the allocation as the company was "sound."
The Maharashtra government plans to set up the country's first power SEZs with an installed capacity of around 1,250 MW electricity to meet the needs of the large number of industrial units being established in the state.
Lupin proposes to set up a sector-specific special economic zone in Maharashtra to produce API and formulations with an initial investment of Rs 200 crore (Rs 2 billion).
Capping the size of special economic zones to 5,000 hectare may help governments quell social unrest caused by compulsory land acquisition for such projects.
The government has proposed that all Special Economic Zones should meet at least 25 per cent of their lighting needs through solar energy, a move that will go a long way in making SEZs green, even as consensus eludes climate change talks in Copenhagen.
Batting for the worried SEZ developers who fear withdrawal of incentives in the new direct tax code, Commerce and Industry Minister Anand Sharma on Friday said his ministry would ensure that the sops continue.
The government on Wednesday cleared a major central legislation to provide duty free environment, single window clearance and more tax incentives to special economic zones to make exports the engine of economic growth.
According to the SEZ Act, 2005, there is no upper limit for land acquisition by state governments. It also allows acquisition of wasteland and single-crop land, putting negative impact on common property resources like land, forest and water bodies.
The company had approached the Ministry of Commerce to extend the validity of the project for two more years, according to a senior official of the company.
"The 46th meeting of the BoA on SEZs to consider proposals for setting up of SEZs and other miscellaneous requests is scheduled to be held on May 31," it said.
Adani, Reliance Industries, DLF, Omaxe and Singapore-based Ascendas Group had plans to set up mega multi-product SEZs, with some of them having infrastructure like ports and air-cargo complexes.
G-VIC is inspired by global high technology innovation clusters such as the Silicon Valley in the US, Hsinchu in Taiwan, Tsukuba in Japan and Sofia Antipolis in France. It has been conceptualised and is led by leading professionals from diverse fields. The company, chaired by former central vigilance commissioner N Vittal, is in close talks with international firms to partner the project.
Shares of real estate firms have been outperforming over the past year. The rally, analysts say, may hit roadblocks in the near term amid stretched valuations, even as the long-term prospects for the sector remain ebullient. "Most of the positive news flow is already in the price. Hence, investors sitting on hefty profits may partially cash out at current levels," suggests V K Vijayakumar, chief investment strategist at Geojit Financial Services.
Even in the midst of a liquidity crunch, Special Economic Zones still remain a lucrative investment option among developers. The government on Monday cleared 22 of these tax-free industrial enclaves.
In view of popular sentiments, the Goa government had decided to scrap 12 SEZs and sought denotification of three SEZs from the Centre. In view of popular sentiments, the Goa government had decided to scrap 12 SEZs and sought denotification of three SEZs from the Centre. The three SEZs for Meditab Specialities, Peninsula Pharma Research Centre and K Raheja Corporation had started work on the sites before the state government issued them stop-work orders.
Even as banks and finance companies are reporting record-high earnings, their weighting in the benchmark National Stock Exchange Nifty50 Index has seen a downward trajectory. Investors expect a stronger performance from other sectors in the new year. Currently, banking, financial services and insurance (BFSI) companies collectively hold a weighting of 34.5 per cent, down from 36.7 per cent at the end of December 2022 and a record high of 40.6 per cent at the end of December 2019. This represents the sector's lowest weighting in the index since December 2021 when it stood at 33.7 per cent.
Reliance Industries has said the outcome of the Maharashtra government referendum on Mukesh Ambani-promoted Raigad special economic zone cannot be seen going against the SEZ since the ballot was cast by 'so-called farmers' and not the genuine landowners. About 6,000 land-owners took part in a first of its kind referendum to ascertain whether farmers want to give their land for an SEZ.
Report says SEZs had resulted in a revenue loss of Rs. 1,971.39 crore.
eGOM is likely to reconsider the 5000 hectre SEZ land ceiling limit in the coming month.
Street believes premium valuations justified, as port traffic is expected to grow at a CAGR of 16% over FY14-16.
The domestic IT major Tata Consultancy Services said that its major expansion would henceforth take place within the notified Special Economic Zones in the country. TCS is setting up its largest global operating unit to accommodate 20,000 professionals in Rajiv Gandhi Infotech Park at Hinjewadi, Pune, a notified SEZ. Maharashtra Chief Minister Vilasrao Deshmukh on Wednesday laid the foundation-stone for the facility, which will become operational by December 2009.
At least clear zones where firms have own land, says minister.
Land acquisition for special economic zones is stuck because of a year-old directive by the Empowered Group of Ministers that bars state governments from carrying out compulsory acquisition of land for the zones.
Two multi-product SEZ projects promoted by Reliance Industries' Chief Mukesh Ambani and the Tatas are among others that would come up for clearance at the meeting of the Board of Approvals in New Delhi on Thursday.
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