Commerce Ministry looking at ways to revamp SEZ policy

By: |
New Delhi | January 10, 2020 4:36 PM

It has also discussed ways for implementation of the remaining recommendations of Baba Kalyani report on SEZ to facilitate ease of doing business in the present global market scenario, the ministry said in a statement.

special economic zones policy, sez policy, bharat forge, sez rules, exports from special economic zonesThe committee was constituted by the ministry to study the existing SEZ policy and had submitted its recommendations in November 2018. (Reuters)

The Commerce and Industry Ministry has examined revamping of the Special Economic Zone (SEZ) policy to meet the global challenges being faced by Indian exporters, an official statement said on Friday. It has also discussed ways for implementation of the remaining recommendations of Baba Kalyani report on SEZ to facilitate ease of doing business in the present global market scenario, the ministry said in a statement.

Commerce and Industry Minister Piyush Goyal chaired a meeting here on Thursday to review these issues. The statement said the recommendations which have been completed include review of specific exclusions proposed in NFE (net foreign exchange) computation in light of ‘Make in India’ initiative, sharing of duty exempted assets/infrastructure between units to be allowed against specific approval, and formalisation of de-notification process for enclaves.

The committee was constituted by the ministry to study the existing SEZ policy and had submitted its recommendations in November 2018. “If India is on the path to become a USD 5 trillion economy by 2025 then the present environment of manufacturing competitiveness and services have to undergo a basic paradigm shift,” the statement said.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Total government liabilities rise to Rs 101.3 lakh cr in Q1: Finmin report
2More than Rs 1 lakh crore worth of Rs 2,000 notes vanish in one year, shows RBI data
3Importers to do due diligence for availing duty benefits under FTAs from September 21: FinMin