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Govt to constitute group for changes in SEZ policy.

Date: 06-03-2018
Subject: Govt to constitute group for changes in SEZ policy
New Delhi: The government will constitute a group to suggest necessary changes in the policy for special economic zones (SEZs), Parliament was informed today.

SEZs are export hubs and contribute significantly to the country's total outbound shipments.

"The government is in the process of constituting a group to study necessary changes in the SEZ policy," Commerce and Industry Minister Suresh Prabhu said in a written reply to the Lok Sabha.

The developers and units of these zones enjoy certain fiscal and non-fiscal incentives such as there is no licence required for import; full freedom for subcontracting; and no routine examination by customs authorities of export/import cargo. They also enjoy direct and indirect tax benefits.

In a separate reply, the minister said that to address concerns of rubber sector, the government has decided to constitute a task force on the commodity for finding out short term solutions and formulating long term strategies to tackle the problems.

The members of the task force includes representatives of state and central government.

He said the effort will be to work towards a rubber policy in consultation with state governments.

A stakeholders meeting was held last month to discuss several issues pertaining to the natural rubber sector.

Several issues related to rubber were discussed including minimum support price, restrictions on import, minimum import price, categorisation of natural rubber as an agricultural product, issue of import of cup lumps, safeguard duty on import and formulation of rubber policy. 

Source: timesofindia.indiatimes.com

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