Also considered as a green initiative, it would help the units reduce transaction cost and time.
The applications for seeking withdrawal of approvals and extension of validity of clearances will be considered by the board of approvals in the commerce ministry in its meeting on October 5. Those seeking extension of time include Mumbai SEZ, promoted by Reliance Industries' Chairman Mukesh Ambani and his close aide Anand Jain, Gitanjali Gems, Jubliant Infrastructure and L&T Hitech City, an official said.
The much-awaited policy for mandatory rehabilitation of land owners displaced by industrial projects and SEZs might get delayed with the matter being referred to a Group of Ministers.
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.
"It has been two years since the Special Economic Zone Act and rules came into effect. While exports have grown almost 100 per cent to touch Rs 40,000 crore (Rs 400 billion) in the first nine months of the current fiscal, total incremental employment generated by the operational SEZs after February 2006 is 146,128," according to the Export Promotion Council for EOUs and SEZ.
As the president of Assocham, Dhoot has asked Confederation of Indian Industry and Ficci to join him in requesting the prime minister to reconsider the move to ban states from acquiring land.
Already under fire from all quarters over special economic zones, an important parliamentary committee has firmed up its strong opposition over acquisition of farm land.
The Special Economic Zone concept represents another form of "Zamindari" system, Kali Ghosh, general secretary, CITU West Bengal Committee, said on Monday.
Batting for the Reserve Bank of India and the finance ministry, the Planning Commission on Friday said concessions to special economic zones should be at par with those provided to infrastructure projects.\n\n
The Bill was introduced in the Legislature in April this year, but despite being listed on the agenda during the recently concluded Monsoon Session, it could not be taken up for discussion.
Finance Minister has proposed to levy MAT of 18.5 per cent on the book profits of Special Economic Zone developers and units.
Within a fortnight of Commerce Secretary G K Pillai talking about a possible relaxation of cap on land size for SEZs, Commerce and Industry Minister Kamal Nath said on Tuesday there was no proposal to change the 5,000 hectare ceiling prescribed by a group of ministers. However, the Centre would look at specific proposals from states once the Resettlment and Rehabilitation Policy is implemented, he said.
The Tamil Nadu government on Friday signed a memorandum of understanding (MoU) with Hyderabad-based GVK Group to set up a Rs 1,500-crore (Rs 15 billion) multi-products special economic zone in 3,000 acres in Perambalur district.
Special economic zones dedicated to the infotech sector may receive a body blow if the tax exemptions provided to Software Technology Parks of India under Section 10(A) and 10(B) of the Income Tax Act are extended beyond March 31, 2009. According to a senior central government official, not more than half of the nearly 100 notified infotech SEZs will survive if the tax sops are extended.
Dr Reddy's Laboratories, the second largest drug maker in the country, would invest about Rs 750 crore.
The Rajasthan police early on Friday removed the widows of the three CRPF jawans killed in the 2019 Pulwama terror attack from the protest site outside Congress leader Sachin Pilot's house here and shifted them to hospitals near their respective residential areas.
Sources familiar with the project said the SPV's promoters were looking at raising the additional capital to acquire up to 250 acres at Thane to complete the first phase of the SEZ project, for which IL&FS is an advisor. Inox Infrastructure Private Limited, a wholly-owned subsidiary of Gujarat Fluorochemicals Ltd, holds 50 per cent stake in Megnasolace.
The government will not stop companies from filing fresh applications seeking permission to set up special economic zones. However, it will not process any fresh applications until it clears the backlog of over 360 pending proposals.
VSNL intends to set up the unit through its wholly owned subsidiary, VSNL Global Services.
West Bengal government puts on hold all special economic zones in the state until a 'socially balanced' decision is taken in this regard.
Fresh notifications and approvals for setting up Special Economic Zones are being put on hold till an Empowered Group of Ministers looking into the matter takes a final view, Rajya Sabha was informed on Wednesday.
The government had imposed Minimum Alternative Tax and Dividend Distribution Tax on SEZs in 2010-11, which were earlier exempted from almost all levies.
Amidst controversies, global IT giant Hewlett Packard has decided to drop its plans for a Special Economic Zone in Bangalore
The meeting of the empowered group of ministers on special economic zones could not reach any firm view on on Monday while the government will take the rehabilitation policy to the Cabinet next month.
Special economic zones may have got the green signal from the group of ministers, but it is now being termed as unconstitutional.
The Torrent Group company is aiming at over 20 per cent equity in the Dahej SEZ which also has a Rs 13,500 crore (Rs 135 billion) integrated petrochemical complex coming up in south Gujarat.
ICICI Bank has opened a branch in Jhajjar district of Haryana to advise farmers how to reinvest the huge cash they are receiving on sale of land to Reliance Industries for its SEZ in the area.
The IT and IT-enabled services companies will be provided space in the proposed SEZ. The proposal awaits final approval from the Board of Approval. SIDCUL has been appointed the nodal agency for the proposed IT SEZ which would invite Expression of Interests from top reputed companies. The sources said top IT multinational companies like Infosys could be invited for the development of the IT SEZ, which is being set up over 14.2 hectares.
Currently, the spend on R&D as a percentage of GDP is just 0.9%
The government plans to modify the access control norms for special economic zone, which prescribes for a wall and a fencing of a particular height, and make them flexible on demands from the developers.
State governments in India have thrown caution to the winds and are rushing to attract foreign direct investment into export-oriented manufacturing and service industries by establishing Chinese-style special economic zones which are quite damaging for the society, says a new book.
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.
The Board of approval in the commerce ministry took these decisions along with approving two fresh proposals of Shyam Steel Industries and Limitless Properties in West Bengal and Tamil Nadu, respectively. The BoA also ratified extension of time to 23 developers, including Satyam Computer Services, for implementing tax-free enclaves in the wake of economic slowdown.
Infosys on Wednesday came down heavily on the special economic zone concept, stating that it is against small companies and this can stifle innovation.
A day ahead of the interim Budget, India slashed import duty on spare parts, like battery cover, lens and SIM socket, used in mobile phone manufacturing to 10 per cent, from 15 per cent. The duty cut is aimed at boosting local production and exports, as well as reducing prices in local markets. The finance ministry on January 30, notified the cut in duty on all goods for use in manufacture of cellular mobile phones to 10 per cent.
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