The government has approved a Rs 675 crore (Rs 6.75 Special Economic Zone by Finnish telecom major Nokia near Chennai.
Seeking a faster roadmap for Special Economic Zones, Minister of Commerce and Industry Arun Jaitely said on Wednesday that the process of getting the zones ready should not face roadblocks.\n\n\n\n
The Empowered Group of Ministers to examine the minimum area required for setting up Special Economic Zones is likely to hold its first meeting on Wednesday.
Fresh guidelines were issued by the government on Wednesday for enforcing the second phase of the coronavirus lockdown, with the Union home ministry barring all kinds of public transport and prohibiting opening of public places during this period.
Diversified group Mahindra and Mahindra will set up its third Special Economic Zone at Pune, which is likely to see investments of Rs 9,000 crore (Rs 90 billion).
Close on the heels of announcing sops for special economic zones, the government on Friday assured exporters that it will take more steps to enable them to compete globally.
The finance ministry on Friday said revenue loss on account of fiscal sops to Special Economic Zones is estimated to be Rs 1,02,621 crore.
It's a political gambit aimed at the BJP's Suvendu Adhikari who won the seat in 2016 as a TMC candidate, while also retroceding to the land movement that catapulted her to power.
The freeze on special economic zones may go in the next 10 days, with the empowered group of ministers expected to give its nod to proposals that show land has already been tied up.
The Customs clearance required for moving equipment like laptops, desktops, etc out of SEZ units was delaying things as the clearance had to be taken in person after a first level of approval online.
The commerce ministry has projected Rs 21,631.94 crore (Rs 216.31 billion) worth of exports from the 63 special economic zones, which have been notified since February 2006. Till date, Rs 13,435 crore (Rs 134.35 billion) has been invested in them.
The government has said it will examine proposals for the simplification of procedures for export oriented units and special economic zones in a time-bound manner.
The Narendra Modi-led National Democratic Alliance government has given environment clearance to five projects since it took charge on May 26.
The government will treat sales from domestic tariff area to Special Economic Zones as exports in a bid to attract more foreign direct investment, which could turn out to be an engine of growth.
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