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Commerce and Industry Minister Examines Revamp Of SEZ Policy

Capital Market 

Commerce and Industry & Railways Minister Piyush Goyal chaired a meeting yesterday in New Delhi to review the remaining recommendations of the Baba Kalyani report on Special Economic Zone (SEZ) policy of India. The meeting was attended by members of the Baba Kalyani group along with representatives from the Department of Revenue, Department of Legal Affairs and legal firms.

Commerce and Industry Minister examined the revamp of the SEZ policy with a view to meeting the global challenges being faced by Indian exporters. Discussions were also held to find a way out for implementation of the remaining recommendations in order to facilitate the ease of doing business in the present global market scenario.

The recommendations which have been completed include review of specific exclusions proposed in NFE computation in light of Make in India initiative, sharing of duty exempted assets/ infrastructure between units to be allowed against specific approval, and formalization of de-notification process for enclaves and delinking its present mandatory usage for SEZs purpose only. The other implemented recommendations are support to servicification of manufacturing zone, allowing manufacturing enabling services companies, broad-banding definition of services/allowing multiple services to come together and flexibility to enter into a long term lease agreement with stakeholders in Zones in line with the State policies and the application for constructing minimum built up area by Developer or Co-developer beyond a period of ten years from the date of notification of the SEZ on merits of each case.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 10 2020. 12:19 IST
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