Special Economic Zone

Allowing the private sector even a limited access to the platform will make Gati Shakti universal in its appeal and effectiveness

Budget proposals, delayed DESH Bill, hiring slowdown, and rising interest rates present a wall of short-term worry

Niti Aayog has raised objections to certain provisions pertaining to the proposed DESH bill, which seeks to replace the existing law for special economic zones, sources said. In the Union Budget 2022-23, the government had proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH). Sources said that the Aayog has concerns on provisions of the proposed bill such as partial de-notification of zones; and removal of NFE (net foreign exchange earning) requirement. It would be difficult to give duty concessions with NFE requirements and in absence of land contiguity, it would be difficult for customs to keep track on activities in the zone, they said. The Aayog has suggested the ministry to reconsider those provisions, one of the sources said, adding the department of revenue too has objected to some provisions. The commerce ministry has proposed a host of

The proposed Bill will create asymmetries

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There is nothing in the said Bill to suggest that it will contribute to enhancement of export competitiveness

The 100,000 sw ft project in Gurugram is spread over three floors, with units ranging from 500 sq ft to 12,000 sq ft

The government panel tasked to determine tax refund rates for overseas shipments from special economic zones and export-oriented units under export promotion scheme RoDTEP will submit its report on December 20, an official said. These sectors were left out in the earlier exercise which was conducted in August 2021. The government in August last year had announced the rates of tax refunds under export promotion scheme Remission of Duties and Taxes on Exported Products (RoDTEP) for 8,555 products such as marine goods, yarn and dairy items. As SEZs (special economic zones) and EOUs (export-oriented units) were kept out of the scheme in the list notified that time, the industry was demanding to include them in the scheme. Under RoDTEP, various central and state duties, taxes, and levies imposed on input products, among others, will be refunded to exporters. The three-member committee is chaired by former secretary G K Pillai. The other two members include former CBEC member Y G Parand

Deal to be a share swap, with issuance of 47.7 million APSEZ shares to the erstwhile GPL promoters; post-transaction, GPL will become a fully-owned subsidiary of APSEZ

The Bill, which will replace the SEZ law, is facing hurdles due to lack of consensus between the commerce and finance ministries

The official said the commerce ministry has sought views of different ministries, including finance, on the new bill

This will be done by giving them infrastructure status, at par with sectors to improve access to finance and enable long-term borrowing from lenders at easier terms

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 present exemption of IGST on import of goods under advance authorisation, Export Promotion Capital Goods (EPCG) authorisation and by Export-Oriented Units will be continued

Apparently, the Commerce Ministry is not yet aware of these changes, and so, the SEZ Rules, 2006, remain unchanged.

AICTPL is a 50-50 joint venture between Adani Ports and Special Economic Zone Ltd and Terminal Investment Ltd

The commerce ministry is holding consultations with all stakeholders on the proposal to replace the existing law governing SEZs with new legislation, Piyush Goyal said

He said India was also going to relaunch the FTA with Israel by March-April next year.

Projects will be designed and executed with a common vision across various ministries