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Special Economic Zone
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, .
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.
Tamil Nadu is one of the best states in the country for an economic zone as the state is one of the most industrialised in India, a senior official of global logistics company DP World has said. DP World has started operations at its largest free trade warehouse zone in India in Chennai. The Chennai facility is the company's second free trade warehouse zone (FTWZ) in India after Mumbai that was established 18 months old. DP World's CEO -- Economic Zones, India Subcontinent and MENA, Ranjit Ray, said Chennai also has strategic advantages since it is connected to South Asia, Africa, Australia via the sea route. "Tamil Nadu is one of the best states in the country for an economic zone. We just started business and now have 15 per cent occupancy in six months," he said. DP World's Chennai economic zone is spread over 6 lakh sq ft with a potential to grow to 2 million sq ft. Tamil Nadu has been one of the most industrialised states in the country for the last 40-50 years, Ray said. D
The government is working on reforms in the Special Economic Zone (SEZ) domain so that movement of goods between domestic tariff area (DTA) and SEZ space is carried out smoothly without affecting the competitiveness of goods in the export markets, Commerce Secretary Sunil Barthwal said on Saturday. During the pandemic two years ago, many office spaces in the SEZ areas had been vacated due to 'work from home' practice initiated by the occupants. Barthwal said this had led to the demarcation of SEZs into SEZ and DTA spaces. "Scale economies have become very important nowadays. Reforms in the SEZ are in the offing so that movement of goods from SEZ to DTA and vice-versa are not affected rendering goods produced become less competitive", Barthwal said at a symposium organised by the Bharat Chamber of Commerce. The official said that the foreign trade policy (FTP) of the government had been framed keeping in mind the global value chain. "Our FTP has been designed for exporters to take
The recent notification of the commerce ministry to demarcate part of Special Economic Zones into non-SEZ areas will spur office space leasing in the country, according to a report prepared by research firm Crisil Ratings. India's office space leasing is expected to benefit from the recent amendments to the SEZ Act of 2005, notified by the commerce ministry on December 6, 2023, it said. As per the notification, the amendments permit the demarcation of a part of the SEZ areas into non-SEZ ones after repayment of tax benefits availed till date, the report said. Such a demarcation of non-SEZ areas is expected to create better occupancy through commercial office space leasing, resulting in higher incomes which will outweigh associated costs. Crisil said the SEZ Act was introduced to drive exports by providing tax exemptions for companies operating within such areas. After the sunset clause of the Act kicked off in April 2020, the legislation is no longer in effect but higher complianc