A Fresh Boost to Revival of SEZs on the Cards Union commerce - TopicsExpress

A Fresh Boost to Revival of SEZs on the Cards Union commerce and industry minister Nirmala Sitharaman has recently indicated that the Modi government would soon unveil measures to revive special economic zones (SEZs), refocusing them as export and manufacturing hubs. Among the measures being contemplated are restoration of tax sops for units in SEZs as well as for the developers of SEZs and exempting such units from the cumbersome land acquisition Act. Given their large potential to create both jobs and stimulate investments, the government is moving in this direction. Since February 2006, investments in SEZs have risen from `4,000 crore to `3 lakh crore and employment has grown from 1.4 lakh people to 12.8 lakh. But currently, over 21,000 hectares of land are lying vacant in notified SEZ processing area as investors find these zones unattractive. The SEZs are an integral part of the manufacturing-revival story, and the government needs to remove all hurdles in their path. SEZs play a significant role and contribute about 25 per cent to the country’s total exports. However, in the last couple of years, SEZs have gone into stagnation. Indeed, investments in SEZs started coming down after imposition of Minimum Alternate Tax (MAT) and Dividend Distribution Tax (DDT). The industry has been complaining that that MAT and the DDT have dented the investor sentiment and also implementation of the scheme. Now that an extensive review of SEZs for re-energising manufacturing-led exports is on, decisions on modification of MAT and DDT and the dual use of infrastructure in non-processing areas, are believed to be in the pipeline. The UPA finance and commerce ministries were often working at cross purposes. Now that there is greater cohesion under NDA rule, the two ministries are jointly working out a fresh package of tax and non-tax incentives to revive SEZs. The erstwhile UPA government had approved 566 SEZs but only 185 are in operation. It is expected that the revival of SEZs would give a boost to the manufacturing sector. Much hope rests on this in coming days.

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