Special Economic Zone

India has emerged as the undisputed global hub for Global Capability Centres (GCCs), hosting over 55 per cent of such facilities worldwide, yet these innovation engines must navigate a staggering regulatory maze of more than 500 distinct legal obligations and over 2,000 annual filings across central, state, and local levels. TeamLease RegTech, in a study titled 'GCCs in India: Cultivating Capability, Ensuring Compliance', noted that despite their rapid expansion and contribution of over USD 64.6 billion in export revenue, GCCs operate within one of the most extensive compliance frameworks governing any enterprise ecosystem. "The compliance requirements for a typical GCC establishment can be classified across seven categories. Each of these categories contains several laws, rules and regulations with varying degrees of applicability depending on the establishment's size, nature and operations. "A GCC registered under a Special Economic Zone in Karnataka with a 1,000-seating capacity

The government has set up a 17-member committee to suggest larger reforms in the policy for special economic zones (SEZs), an official said. It will submit a concept paper recommending a roadmap for broad-based and comprehensive reforms to formulate a SEZ 2.0 policy. It will undertake a background study focused on the harmonisation of various prevalent export promotion schemes, including SEZs, export-oriented units (EoUs), MOOWR (Manufacturing and Other Operations in Warehouse), Advance Authorisation, EPCG (export promotion for capital goods), and Duty Free Import Authorisation (DFIA). The committee's composition includes representatives from commerce, customs, Niti Aayog, DPIIT, and CBIC. The terms of reference include examining the existing Special Economic Zones (SEZ) Act, 2005, with a view to assessing their effectiveness in the current global trade, investment environment and macro-economic landscape and harmonisation with other export promotion schemes so that policy distorti

The relaxation on domestic sales for special economic zone (SEZ) units proposed in the Budget will be a "limited-time window" to help these export-oriented enterprises tide over global uncertainties, Revenue Secretary Arvind Shrivastava said on Monday. "SEZs' focus is exports, and that will continue to remain as exports. Therefore, this window being created is expected to be a one-time, limited-time frame window, and we hope, during this period, the various uncertainties and volatilities of the international trade will also pass over, and we will be in a position to get back stability on that front too," the secretary said at a CII post-Budget interaction here. To address concerns arising about the utilisation of capacities by manufacturing units in the SEZs due to global trade disruptions, Finance Minister Nirmala Sitharaman, in her Budget speech, proposed a "special one-time measure" to facilitate sales by eligible manufacturing units in SEZs to the DTA (domestic tariff area) at ..

An overhaul of the existing two-decade-old law governing SEZs has been under discussion for almost four years

A bench comprising Justices Aravind Kumar and NV Anjaria held that the customs department lacked statutory authority to impose duty on electrical energy cleared from the SEZ to the DTA

The Bill will allow 'reverse job work'. This means that SEZ units will be able to do a part of the manufacturing process on its behalf for DTA units

The government on Monday said it has approved the proposals from Micron Semiconductor Technology India and Hubballi Durable Goods Cluster (Aequs Group) for setting up SEZs for manufacturing of semiconductors and electronic components. Micron will establish its SEZ facility in Sanand, Gujarat, over an area of 37.64 hectares with an estimated investment of Rs 13,000 crore, while Aequs will establish its SEZ in Dharwad, Karnataka, over an area of 11.55 hectares to manufacture electronics components with an estimated investment of Rs 100 crore. The decision followed the easing of certain SEZ (special economic zone) rules to promote the manufacturing of semiconductors and electronics components. "Subsequently, the Board of Approval for SEZs has accorded approval to the proposals received from Micron Semiconductor Technology India Pvt Ltd (MSTI) and Hubballi Durable Goods Cluster Private Ltd (Aequs Group) for setting up SEZs for manufacturing of semiconductors and electronic components, .

Lunch with BS: Sri City has now grown to employ over 65,000 people. Sannareddy dream is to take it past 100,000 by its 25th year

The bonds were issued at the lowest spread over the corresponding government bond yield in the last seven years

The port hit the 7 mn TEUs handling milestone for the first time earlier this month

Rodtep scheme seeks to refund the duties/taxes/levies, at Central, State and local level, borne on manufacture and distribution of the exported product, which are not rebated through any other schemes

ONGC PetroAdditions Ltd, a subsidiary of the state-owned Oil and Natural Gas Corporation (ONGC), has relinquished its 'only-for-export' unit status as it aims to tap into the booming local petrochemical market to drive a turnaround. In a stock exchange filing, ONGC said OPaL has received the final approval for its exit from the Dahej Special Economic Zone (SEZ). "Accordingly, OPaL shall operate as a Domestic Tariff Area (DTA) unit with effect from March 8, 2025," ONGC said. "Further, this exit from SEZ will improve the competitiveness of OPaL for supplies to be made to the DTA". This essentially means primarily catering to the domestic Indian market instead of focusing on exports, which is the primary purpose of an SEZ unit. It will now not have to pay customs duty on products sold within India, helping improve margins. The move is primarily to gain access to the wider domestic market and potentially benefit from the lower corporate tax regime. ONGC's C2C3 project extracts ethane

Exports from Indore's Special Economic Zone (SEZ) fell by about 6.50 per cent to Rs 9,766.53 crore in the first nine months of 2024-25 due to a decrease in orders from pharmaceutical units, an official said. The Union Commerce and Industry Ministry official on Friday said that this SEZ, which has factories for different products, had exported products worth about Rs 10,449 crore between April and December in the financial year 2023-24. He said that medicines account for about 70 per cent of the exports from Indore SEZ. The official said that 59 plants in different sectors including medicine, packaging material, engineering, textile manufacturing and food processing are running in Indore SEZ spread over 572 hectares. Of these, 22 units are from the pharmaceutical sector alone.

Malaysia Prime Minister Anwar Ibrahim and Singapore Prime Minister Lawrence Wong will officiate a ceremony on Tuesday for the economic zone in Malaysia's southern state of Johor

Currently, the RoDTEP scheme for exports from the domestic tariff area (DTA) or the domestic market is in place until September 30

The proposed facility will focus on manufacturing BIPV panels, thermal insulation materials, sodium-ion batteries, and insulated doors and windows

The investment boost has helped propel Malaysia's economy this year, with growth beating expectations in the past two quarters

The company in a statement said the existing promoters of Astro will hold the remaining 20 per cent stake

Officials get to audit businesses; duty recovery time increases to three years

Norges had cited Adani's investment in a port in Myanmar for its decision