West Bengal is having a rerun of the Nano episode, but this time it doesn't want the lead actors to exit the stage prematurely. The government is ready for whatever manoeuvres it takes to retain Infosys and Wipro projects in the state.
When asked what the Infosys stand will be, Binod Hampapur, senior vice-president and global head of commercial and corporate relations at Infosys, said that the company will wait for the letter before the company makes any comment.
The government will next week consider requests from Mukesh Ambani-led Reliance Group firms and other companies for extension of validity for their different special economic zones.
The state government was under a mammoth debt of Rs 2 lakh crore.
IT, IT-hardware, petroleum, engineering, leather and garments are the leading exports from the SEZs.
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.
When Dell decided to start its operations in Tamil Nadu, the state government wanted the company to operate from a rural area.
IT companies would be entitled to the same tax benefits as SEZ developers.
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.
Cabinet nod not required after commerce ministry approval.
Merchandise exports from 143 operational SEZs totalled Rs 72,255 crore (Rs 722.55 billion) in the April-June period.
Also considered as a green initiative, it would help the units reduce transaction cost and time.
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.
Glass shortage in China and the rising prices of imported glass used in finished solar panels have already hit the cost of solar panel imports. The cost of solar modules imported by India have increased 22 per cent since June last year. India imports close to 90 per cent of its solar cells and modules, of which nearly 80 per cent is from China. Domestic solar equipment makers import glass panels and are the largest suppliers in China. The price of a solar module glass has increased 150 per cent in the past six months, revealed industry estimates.
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.
DLF will appeal against a verdict ordering demolition of the special economic zone in Gurgaon.
In a bid to create an ecosystem of both large and small companies in the chemical and engineering industries, Gujarat Industrial Development Corporation (GIDC) is developing specific zones for small and medium enterprises in these two sectors.
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.
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.
Thirteen companies have joined the Rs 1-trillion-plus market capitalisation club this year, so far. This even as the benchmark Sensex has gained less than 3 per cent on a year-to-date basis, underscoring the bullish undercurrent in the broader market. The trend shows a harsh second wave of Covid-19, subsequent lockdowns, and hit to the economic activity has made little dent into India Inc or shareholders' wealth. At the start of the year, there were 29 companies with a market value of more than Rs 1 trillion.
The Environment Ministry on Thursday issued a show cause notice to Mundra Port & SEZ Limited, a private port and special economic zone being developed on the west coast of the country, for alleged violation of the provisions of the Coastal Regulation Zone Notification.
Nasdaq-listed Infosys has said it was the failure of the state government in fulfilling the agreed conditions that led to the delay in executing its 448-acre IT Special Economic Zone project in Hyderabad.
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.
Adani says size of the balance sheet of the company will double after the acquisition.
Social networking site Facebook will be launching its India operations from Hyderabad - its first office in Asia - within two months from now. A proposal to this effect was cleared by the government on Saturday.
The trust has got the government's approval to set up a fifth terminal at the port. The terminal, which will have a capacity of 8-10 million cubic metre, is likely to cost JNPT Rs 20,000 crore (Rs 20 billion).
As per the SEZ Act, 2005, and SEZ Rules, 2006, SEZ units are entitled to exemption from duty of customs and excise, exemption from service tax and VAT, exemption from stamp duty and registration fees and exemption from electricity duty, besides income tax exemption on export profits.
Finance Minister has proposed to levy MAT of 18.5 per cent on the book profits of Special Economic Zone developers and units.
What is really at stake is the future of the local economy and its place in the larger picture.
Excise duty on formulations has increased from 4 per cent to 5 per cent.
The government is expected to end the benefits under Section 10A and 10B of the Income Tax Act.
The proposal was mooted by the department of industrial policy and promotion in the ministry of commerce and industry.
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.
Government officials said the company was likely to invest about Rs 2,000 crore during the first phase of the project. In all, it could be Rs 7,000-10,000 crore.
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.
Dubai-based Tecom, promoter of the Rs 1,500 crore (Rs 15 billion) Kochi Smart city IT infrastructure project, today threatened to go to court if the state government failed to resolve contentious issues including that of "freehold land", within the next two months.
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.
There are four nodes and each of these, like Dronagiri, is also formally termed an SEZ, all part of the NMSEZ.
The Mangalore Special Economic Zone Limited (MSEZL) is facing stiff opposition from the landholders who are resisting acquisition of their lands.
Despite the special incentives they get, SEZs today comprise under 5% of all fresh investments announced in the country.
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