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Government gives more time to 13 SEZs to implement projects.

Date: 14-01-2016
Subject: Government gives more time to 13 SEZs to implement projects
NEW DELHI: The government has given more time to developers of as many as 13 special economic zones, including Navi Mumbai SEZ, to complete their projects.

The decision was taken by the Board of Approval headed by Commerce Secretary Rita Teaotia in its meeting on December 30, an official said.

The BoA is a 19-member inter-ministerial body that deals with SEZ-related matters. It provides single window clearance mechanism to developers and units in these zones.

Mukesh Ambani-promoted Navi Mumbai SEZ Pvt Ltd had sought extension of the validity period of the formal approval, granted by the board for setting up IT/ITeS SEZ at Ulwe, Navi Mumbai, Maharashtra, beyond October 24, 2015.

The Board after deliberations extended the period up to October 24 this year.

G P Realtors too had sought extension for its IT/ITeS SEZ, which is coming up at Gurgaon. The Board has given one more year to complete its project, the official added.

Further the BoA has also approved two proposals for setting up of IT sector special economic zones in Telangana.

ValueLabs Infra LLP and GAR Corporation have got separate formal approvals to set set up IT/ITeS Zone in Telangana.

SEZs have emerged as a major exports hubs. But according to industry experts, imposition of minimum alternate tax (MAT) and dividend distribution tax ( DDT) have impacted the investments in these zones.

Export Promotion Council for SEZ and EoUs has urged the government to reduce these tax brudens in the forthcoming Budget.

Last month the Commerce Ministry had said that it is working out policy initiatives to revitalise the special economic zones (SEZs).

During April-September this fiscal, exports from these zones stood at Rs 2.21 lakh crore as against Rs 4.63 lakh crore in 2014-15.

During the first half of this fiscal, these zones generated jobs for 15.44 lakh people.

Source : economictimes.indiatimes.com

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