The board would take a decision on these applications on February 20.
Amidst a nationwide hue and cry over the setting up of special economic zones (SEZs), the Orissa government has decided to drop one of five SEZs in the state that had received formal approval from the Centre.
Infosys had paid Rs 75 crore (Rs 750 million) for buying 50 acres from the government.
The decision was taken at a meeting of the Board of Approvals held at New Delhi.
There are 344 notified SEZs spread across 40,000 hectare in the country that have so far attracted Rs 1 lakh crore (Rs 1 trillion).
After reproaching the International Monetary Fund for its attack on India's SEZ policy, Union Commerce Minister Kamal Nath has criticised the Reserve Bank for its 'inconsistent approach' towards special economic zones. \n
According to a department notification, Tech Mahindra has approached the Board of Approvals under the Department of Commerce for transferring rights of three SEZs (one in Tamil Nadu and two in Andhra Pradesh) and the proposal will come up for a discussion before the BoA on August 30.
The Central Board of Excise and Customs (CBEC) has recommended an overhaul of the Special Economic Zone (SEZ) Act 2005 saying it has detected gross violations of duty and tax concessions causing it to suffer a revenue loss of Rs 1,75,000 crore to date.
Three years after the government brought in a SEZ law promising greater economic activity on the back of tax sops, the Economic Survey on Thursday expressed concern over 'proliferation' of Special Economic Zones seeking a check on them.
Special Economic Zones sold by developers after receiving government nod to cash in on the recent boom, would now require fresh clearance from the Centre.
The country's largest real estate player, DLF, on Friday said it has approached the government for surrendering four of its IT-ITeS notified special economic zones (SEZ).
Mukesh Ambani and Anand Jain promoted Mumbai SEZ Ltd has suspended its land acquisition for the MahaMumbai special economic zone in coastal Raigad for an indefinite period.
"Out of three SEZs only one has done some work. We will give back all the developers only the money which they had invested in buying the land as we are taking the land back from them," State Chief Minister Digamber Kamat said.
West Bengal on Wednesday decided to repeal the Special Economic Zone (SEZ) Act, 2003, clearing the road for other incentive schemes the Mamata Banerjee-led government is likely to announce over the next few weeks.
Developers will now be able to get their land classified as an SEZ at the initial stage of approval by submitting legal documents that prove land ownership. With exports falling sharply in the last six months, faster development of SEZs is seen as one way of increasing overseas sales of Indian goods and services, an official said.
Mukesh Ambani-promoted Mumbai SEZ, coming up in the neighbouring Raigad district, on Tuesday moved the Bombay High Court seeking a speedy completion of land acquisition by the district administration.
As the Union Budget 2025-2026 (FY26) inches closer, the Indian real estate industry is seeking stamp duty cuts, revised home loan limits and updated affordable housing norms through Pradhan Mantri Awas Yojna (PMAY), single-window clearance and eco-friendly policies, among others. Industry leaders and consultancy firms, including Anarock, Raheja, Gaurs, Kanodia Group, Reach, Urban Space, Justo and Eros Group, have shared their expectations.
In the wake of the Union Budget proposals, developers of Special Economic Zones (SEZs) say the scheme is heading for an end, with investors' interest certain to reduce drastically.
As many as 24 special economic zone (SEZ) developers including Dr Reddy's Lab and Tata Consultancy Services have sought more time from the government to execute their projects.
The seven government-owned special economic zones across the country are likely to be given autonomy, resulting in greater financial flexibility for these tax-free enclaves. The move will help these zones compete with the private sector SEZs, which are attracting investment from companies.
The group had protested against K Raheja corp's project at Verna industrial estate, 20 km away from Panaji. The reaction stems from recent statement by senior Congress leader Shantaram Naik disclosing that Chief Minister Digamber Kamat will meet three SEZ promoters to discuss alternate land proposal to set up industry (not SEZ).
Mumbai-based infrastructure conglomerate Essar group has withdrawn its plans to build a 1,125 hectare Special Economic Zone in Jamnagar because of the adverse economic environment, a commerce ministry official said. The proposal was to set up a 16-20-million-metric-tonne-a-year petrochemical refinery at an investment of Rs 15,000 crore, one of the largest SEZ proposals, according to information available on the company's website.
Demand for special economic zones (SEZs) appears to be reviving even as realty developers are shying away from developing these tax-free enclaves due to liquidity crunch, according to experts who are tracking SEZs.
The Board of Approval (BoA) on Special Economic Zones (SEZs), the apex decision-making body for such tax-free industrial enclaves, today approved a proposal to amalgamate three separate zones, effectively lifting the 5,000-hectare limit on such zones that the government imposed in 2007.
Around 55 per cent of land in the 36 operational special economic zones (SEZs) in Tamil Nadu is lying vacant owing to various reasons, including the recent economic slowdown.
Changing the rules of the game for developers or units who have already committed funds upsets the financial calculations that guided the investment decision. It is another matter if the government makes it clear that newcomers will be subject to taxes.
'We want the government to provide job security for all these workers,' says E S N Reddy, district general secretary of CITU.
Concerned over decline in gold exports from SEZs following ban on its trading, the government has allowed units in these zones to export gold items after a minimum value addition of 3 per cent.
"Another major policy issue in the trade sector which created a lot of heat was that of SEZs... Some fundamental policy changes are needed for the merchandise trade sector and these include checking the proliferation of SEZs," the pre- Budget Economic Survey, tabled in Parliament on Thursday, said.
At a recent meeting, the Board of Approval headed by Commerce Secretary S R Rao, also allowed three SEZ developers to surrender their project.
A possible solution would be to set them up in the barren land or in land with low agricultural productivity.
The government on Thursday cleared six proposals for setting up special economic zones, taking the total number of such enclaves approved to more than 450.The Board of Approval (BoA), chaired by Commerce Secretary Gopal Pillai, took up nine proposals, of which five were granted formal approvals and one in-principle.
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.
The much-touted special economic zones policy runs the risk of being reversed, in terms of attractive tax exemptions it offers, with the government's finances coming under stress, a study has said.
"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.
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.
First reversal after last year's protests in the state.
