Infosys Technologies plans to set up five SEZ in Tier II cities -- Mysore, Bangalore and Thiruvananthapuram.
The state government was under a mammoth debt of Rs 2 lakh crore.
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.
Though the Planning Commission favours imposition of a direct tax on Special Economic Zones (SEZs), it does not agree with the contention that these tax-free industrial enclaves are leading to revenue loss.
India's biggest real estate developer is considering a major human resource redeployment to boost efficiency and productivity. This may lead to a further reduction in its workforce at several recession-hit businesses, which the company denied. DLF plans to restructure verticals such as homes, offices, retail, special economic zones, hotels and infrastructure. At present, all of them have separate human resources, accounts and marketing departments.
When Dell decided to start its operations in Tamil Nadu, the state government wanted the company to operate from a rural area.
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.
The Raigad district Congress has called for a shut down in the Panvel area of New Mumbai on Friday to protest violence by Shiv Sena's activists.
Small and medium information technology companies operating out of the Software Technology Park of India (STPI) and who have not relocated their business operations to the special economic zones (SEZs) could stand to lose a substantial part of their tax holidays after the forthcoming Budget.
Clarifying the issue of applicability of penal provisions in SEZs, the government said the the SEZ would come under the the Foreign Trade (Development and Regulation) Act. The Foreign Trade Act provides for punishment for violation of the foreign trade rules. Besides exporters and importers, it also covers export-oriented units.
DLF will appeal against a verdict ordering demolition of the special economic zone in Gurgaon.
'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.
The Taiwan-based Institute of Information Technology (III) and Manufacturers' Association for Information Technology (MAIT) are planning to set up electronic clusters at Gujarat Vittal Innovation City, a special economic zone to come up near Valsad in Gujarat.
The government has given more time to 20 SEZ developers, including Tata Consultancy Services and Mahindra World City, to execute their projects. At a meeting on January 14, the Board of Approval (BoA) headed by Commerce Secretary Rahul Khullar also allowed four SEZ developers to surrender their projects.
Infosys has been demanding SEZ status to start its Bengal campus, but the state government has been against providing it.
The proposed legislation on special economic zones would give a big boost to the inflow of foreign direct investment in the country, Commerce and Industry Minister Kamal Nath said in New Delhi on Friday.
Mukesh Ambani-controlled Reliance Industries Ltd (RIL) is planning to spend $3 billion for a new petrochemical complex at Jamnagar.The new complex will utilise residual gases generated from the two existing refineries, of which one is located in a special economic zone (SEZ), to generate further downstream products."The investment could be in the range of $3 billion, depending on raw material prices," said a Reliance official on condition of anonymity.
India's biggest realty firm, DLF is betting on special economic zones (SEZs). The zones will cover an area of 26,100 acres and the company expects to take control of the land in the next two years.
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore. E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. "The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore," a senior official informed
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.
The government may look at relaxing 5,000 hectare-ceiling on land for Special Economic Zones once the the Land Acquisition Act is in place, commerce secretary G K Pillai said on Monday. "Now that the new Relief & Rehabilitation policy has come into being, the government may think of relaxing the upper limit of 5,000 hectares for SEZs (once the land acquisition law is enacted), he said on the sidelines of the India Economic Summit.
A Union environment ministry's expert appraisal panel felt that the project proponent, CPL Infrastructure Pvt Ltd, a subsidiary of Cadila Pharmaceuticals Ltd, had failed to give requisite details for the proposed park in Dhandhuka Taluka in Ahmedabad.
An empowered group of ministers had effected on April 5 major changes in SEZ rules, also setting the 5,000 hectare cap.
After topping it for two consecutive years, Gujarat slipped three places on the NITI Aayog's Export Preparedness Index (EPI) for 2022, as Tamil Nadu emerged as the most export-ready state, the central think tank said in its report released on Monday. In a continuing trend, coastal states were found to have the most robust export infrastructure, which officials attributed to the integration of maritime trade into the core of their economies. Maharashtra and Karnataka retained their positions -- second and third, respectively; Haryana was ranked first among landlocked states and fifth overall.
Villagers from Raigad and Nashik in Maharashtra and Mangalore in Karnataka speak about how their lives and livelihoods will be affected by special economic zones in their regions.
Senior officials from different ministries, including finance, home affairs and defence, would be attending the meeting. The last BOA held on August 11 had allowed Maytas Ventures, promoted by the disgraced former Satyam chairman B Ramalinga Raju's son, to surrender its biotech SEZ and approved three new proposals, including that of Brooke Bond Real Estates IT/ITES tax-free enclave in Karnataka.
In the March quarter analysts' presentation, the company had said it was targeting to raise a total of Rs 10,000 crore (Rs 100 billion) from non-core asset sales in the medium term.
Adani Ports and Special Economic Zone (APSEZ) on Monday started the first debt buyback programme since billionaire Gautam Adani's conglomerate was targeted by a US short-seller in January. APSEZ floated a tender to buy back as much as $130 million of its July 2024 bonds and similar amounts in each of the next four quarters, it said in an exchange filing, as it looks to regain investor confidence by showing that its liquidity position is comfortable. Shares of Adani group companies pummelled after Hindenburg Research in a January 24 report accused it of accounting fraud and improper use of offshore tax havens for stock manipulation.
The stock exchange on which they are traded boasts higher profits than most of the companies whose shares are hitting new highs. Only 37 of approximately 2,000 listed companies with comparable data for 2022-23 (FY23) reported higher profits, while the rest had lower profits. Despite rising corporate profitability, the universe of companies that outperform the National Stock Exchange (NSE) in terms of profitability has been shrinking of late, according to an analysis of companies with comparable data over the past seven years.
Expressing serious concerns over the DTC Bill, SEZ entrepreneurs on Tuesday said the proposed tax provisions would hit employment and drive away investors from the special economic zones.
SEZs should be judged in the same way you would many other export promotion schemes such as Drawback, Duty Entitlement Pass Book and Export Promotion Capital Goods while discussing indirect taxes.
IT companies would be entitled to the same tax benefits as SEZ developers.
The Tatas maybe facing an uphill task getting their small car project in Singur started, but the group's ambitious special economic zone at Gopalpur in Orissa is soon set for launch sans any land acquisition problems.
Faced by criticism on its special economic zone policy, the government is preparing guidelines for acquisition of land from farmers for setting up SEZs.
Merchandise exports from 143 operational SEZs totalled Rs 72,255 crore (Rs 722.55 billion) in the April-June period.
The Kerala government has not excluded the industrial units situated in special economic zones from labour laws, State labour minister P K Gurudasan told the Assembly on Thursday. He was replying to a calling attention motion on the difficulties experienced by the employees of new generation banks, IT sector and private insurance and financial institutions functioning in the state due to non-compliance of labour laws by the respective units.
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