Asserting that India had removed many barriers in trade and investment
The government has put the brakes on fresh approval and notification of zones beyond the 63 already notified.
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.
Undaunted by criticism by a Parliamentary panel, the government cleared 28 fresh special economic zone proposals on Thursday, including the Navi Mumbai promoted by Reliance Industries Chairman Mukesh Ambani.
In the light of the controversy over the takeover of agricultural land to establish SEZs, we reproduce a letter from the Economic and Political Weekly, where Admiral L Ramdas draws attention to the ouster of 50,000 farming families in Alibaug.
While leading SEZs like Mahindra World, Nokia, Apache, Hyderabad Gems and Jewellery became operational in 2008-09, exports from these zones fell short of target of Rs 1,20,000 crore (Rs 1,200 billion) in the last fiscal, according to the Export Promotion Council for EOUs and SEZs.
Proceeds likely to be used for Dhamra port buy.
Amid reports that a large chunk of agri land has fallen into the hands of land builders and industrialists in Uttarakhand, the state government is contemplating special agriculture zone to protect agriculture. But it was not immediately known whether SAZ would form a part of the new agriculture policy, which is being discussed by the government.
The Reserve Bank of India on Thrusday ruled out any concessional finance to developers and units in these zones, saying they should be treated on par with real estate projects.\n
The decision to withdraw from participating in the special purpose vehicle, being promoted by the Matyas Group, was taken by the MMTC board. MMTC was in the process of receiving shareholders' approval for investing Rs 85.85 crore and picking up up to a five per cent stake in the Maytas Group's SPV for the SEZ.
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.
Board of Approval has asked the Goa government to compensate the denotified developers over the SEZ issue.
The government had imposed Minimum Alternative Tax and Dividend Distribution Tax on SEZs in 2010-11, which were earlier exempted from almost all levies.
In sharp contrast to the stand taken by his secretary yesterday, Commerce Minister Kamal Nath on Thursday said the Centre can review all special economic zones in Goa as it does not want to thrust SEZs on the states.
"We will write to the Centre to scrap the eight proposals pending for approval while we will not notify the four (SEZs) that are already approved. About the rest three, we will take up the matter with the Centre to denotify them," said Chief Minister Digamber Kamat.
Singapore plans to develop a Special Economic Zone in India and has suggested forming a study team for greater cooperation in banking sector as part of efforts to enhance economic ties.
Unitech Corporate Parks Plc, the real estate investment company listed on London's Alternative Investment Market in which developer Unitech Ltd holds a 40 per cent stake, has decided to put one of its largest assets in India on the block with a valuation of Rs 3,000 crore.
The government is targeting export of goods and services worth $2 trillion by 2030.
The list of cities that leading property consultants feel can give fantastic returns to investors based on the development in the area. These areas are not in any metro but could have proximity to one.
Maharashtra SEZ act yet to be notified.
The Comptroller and Auditor General of India plans to focus on infrastructure companies and banks for special audit during the current financial year.
It also sought exemption from Research and Development Cess for joint ventures implementing the offset obligations under the Defence Procurement Procedure introduced a couple of years ago to energise the defence market.
The Adani group stocks continued to remain under pressure on Friday, falling up to 20 per cent in morning trade, after the US-based investment research firm Hindenburg Research made damaging allegations. Shares of Adani Total Gas plummeted 19.65 per cent, Adani Transmission tumbled 19 per cent, Adani Green Energy plunged 15.50 per cent and Adani Enterprises tanked 6.19 per cent on the BSE. Also, Adani Ports and Special Economic Zone fell 5.31 per cent, Adani Wilmar dipped 5 per cent and Adani Power declined 4.99 per cent.
BoA has given formal approval to 15 special economic zones, including those of TCS and Cognizant, and in-principle nod to five, Commerce Secretary and BoA Chairman G K Pillai told reporters after the meeting in New Delhi.
Flipkart on Monday said it has entered into a commercial partnership with the Adani group to strengthen logistics and data centre capabilities of the Walmart-owned company and create about 2,500 direct jobs.
Earlier, the government had prohibited use of second hand machinery in SEZs to prevent migration of units from Domestic Tariff Area to the tax free zones.
In the first half of 2009-10, the exports from the tax- free enclaves were Rs 89,750 crore (Rs 897.5 billion).
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 two countries are scouting for members of a joint working group to study a proposal to this effect made during a recent visit by Commerce and Industry Minister Anand Sharma to Colombo.
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.
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.
Undeterred by strong objections from opposition parties and several non-government groups, the Maharashtra government is to proceed with the Maharashtra Special Economic Zones and Designated Areas Bill in the legislature during the winter session beginning on December 1 in Nagpur.
The developers of special economic zones may not get tax benefits for the money spent on meeting the contiguity norms.
Worried over the impact of global slowdown on exports, the Commerce Ministry has initiated an exercise to revitalise SEZs, which contribute over Rs 3 lakh crore, or about 28 per cent, to the country's total outbound shipments.
The two countries have already formed a Steering Committee to carry forward the proposals, one of which relate to setting up a 2,500-acre multi-product SEZ in the south.
Christopher Wood, global head of equity strategy at Jefferies has rejigged his equity portfolios. In his Asia ex-Japan long-only portfolio, he has added Axis Bank (5 per cent weightage) and increased holding in Larsen & Toubro (L&T) by one percentage point. This, Wood said, will be paid for by removing the investment in ICICI Lombard General Insurance and reducing the investments in HDFC Bank and Reliance Industries (RIL) by one percentage point each.
Also considered as a green initiative, it would help the units reduce transaction cost and time.
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.
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