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SEZs
The department of commerce finalised the new proposed SEZ law and sought inter-ministerial comments in June last year, with an aim to table it in the Monsoon Session of Parliament
This may ensure no single mandatory export commitment
The new rule states that a unit will have to only maintain the lists of employees who are allowed to follow WFH or from any place outside SEZs
Says proposed incentives would "create havoc" for units outside the zones
The commerce ministry on Friday held discussions with stakeholders of Special Economic Zones (SEZs) on the issue of work from home facility. The consultations assume significance as the ministry is considering to allow 100 per cent Work From Home (WFH) for employees of units in SEZs. In a tweet, the office of Commerce and Industry Minister Piyush Goyal said, he "held consultations with SEZ stakeholders over Work from Home facility. With the hybrid model here to stay, the government is working to provide flexibility and create jobs in small cities to boost exports and fuel growth". At present, WFH is permitted for a maximum period of one year in a SEZ unit and can be extended to 50 per cent of the total employees. Meanwhile, Goyal also held a meeting with Taiwan's Deputy Minister of Economic Affairs Chern-Chyi Chen. "Discussed enhanced cooperation in several areas of mutual interest and explored ways to further boost bilateral trade and investments between India and Taiwan," a sepa
Although the commerce ministry is making efforts to finalise the DESH Bill and introduce it in the parliament during the winter session, the finance ministry's stance may delay it
The Bill, which will replace the SEZ law, is facing hurdles due to lack of consensus between the commerce and finance ministries
It is likely to continue with the levy till the Indian basket of crude is above $80 a barrel
The DGFT has been already working on the much-delayed foreign trade policy, which is now expected to be released by the end of September
Will UPI on credit cards take off? Should India be worried about monkeypox? Will easing chip shortage perk up auto firms' Q1 commentary? What is the DESH Bill? All answers here
The govt is likely to introduce the Development of Enterprise and Service Hubs (DESH) Bill in the upcoming monsoon session of Parliament. How will it overhaul the ecosystem of special economic zones?
The Bill shall propose the re-introduction of certain direct tax benefits, under which units set up in these development hubs shall attract a 15 per cent corporate tax until 2032
Move to benefit RIL, ONGC and Oil India
Why's there a growing unease between the govt and Big Tech in India? Why have SEZs not taken off in India? Where are crude oil prices headed? How to apply for an IPO and check allotment? Answers here.
Special economic zones have delivered mixed results in India. The government is now working on a new law to address some of the problems. Here's India's experience with SEZs so far and the challenges
Some experts see significant positives, other believe problems associated with older policy will persist
The commerce and industry ministry is drafting a legislation for the next chapter for SEZs that will see development of large manufacturing and investment hubs
The committee is likely to submit its report to the department of commerce by mid-June