Govt Announces Measures to increase the interest in SEZs

The government on Thursday announced measures to invoke interest in Special Economic Zones (SEZs) and to increase investment.

Anand Sharma, Commerce and industry minister also gave hint that steps to boost gems and jewellery sector are likely to be announced next month. But the important segment of the “package" that was announced by Sharma was the move to divide the minimum area requirement for the territories.

Those setting up IT zones will not even have to worry about the minimum land requirement of 10 hectares; flexibility has been offered to other developers as well.

For companies importing capital goods, the government promised simplified norms,
under EPCG. This is provided exports by them were six times the duty saved in the import of machinery.

Exporters demanded more from AEPC chairman seeking a cut in the interest rate interest and resumption of drawback payments. Kris Gopalakrishnan CII president demanded that the interest subsidy should be extended to all sectors.