SEZs in India - sky is the limit, says Govt.

The govt of India has now backed off from its earlier decision to limit to 150, the number of Special Economic Zones with unprecedented tax concessions that could be established within the country. The empowered Group of Ministers on Special Economic Zones (e-GoM) decided instead to welcome as many as would apply for the coveted SEZ status.

So far, the Board of Approvals has already given the in-principle nod to 150 SEZ applications. Since the board continued to receive several new applications, the e-GOM was approached for directions.

Mr. Kamal Nath, the Union Commerce and Industry Minister said that fresh approvals would be made only after 75 SEZs were made operational. The question of revenue loss from SEZ located companies was shrugged off by the minister who claimed that could be ascertained only when the SEZ was functional. As for the several lakh acres of land that would be required for SEZ allotment, the answer according to the minister lay with the state governments.

The empowered Group of Ministers on Special Economic Zones is headed by the Defence Minister, Mr Pranab Mukherjee and includes the Finance Minister, Mr P. Chidambaram, and the Deputy Chairman of the Planning Commission, Mr Montek Singh Ahluwalia.


By INRnews Correspondent

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