Special Economic Zones
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Advantages of SEZ Units in India
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The main Advantages of SEZ Units in India can be summarized as promotion of industrialization and economic growth through sustainable development. The main policy statement of the first Special Economic Zone policy statement states that these SEZ units of India shall be offered tax rebates, fiscal incentives and lands at subsidized rates and these are the primary Advantages of SEZ Units in India. The implementation of the first drafted Special Economic Zone policy took place from the end of the year 2000.The first policy statement for the development of Special Economic Zones in India was drafted as a five-year project, starting from 1.11.2000 to 09.02.2006. Further, the first policy statement of the Indian Special Economic Zones were amended to accommodate and compliment the growth attained.
Objectives of Special Economic Zones in India
- Generation of additional economic activity
- Promotion of exports of goods and services
- Promotion of investment from domestic and foreign sources
- Creation of employment
- Development of infrastructure facilities
- Simplified procedures for development, operation, and maintenance of the Special Economic Zones and for setting up units and conducting business
- Single window clearance for setting up of a SEZ and an unit in SEZ
- Single window clearance on matters relating to Central as well as State Governments
- Easy and simplified compliance procedures and documentations with stress on self certification
Key Advantages of SEZ Units in India
- 10-year tax holiday in a block of the first 20 years
- Exemption from duties on all imports for project development
- Exemption from excise / VAT on domestic sourcing of capital goods for project development
- No foreign ownership restrictions in developing zone infrastructure and no restrictions on repatriation
- Freedom to develop township in to the SEZ with residential areas, markets, play grounds, clubs and recreation centers without any restrictions on foreign ownership
- Income tax holidays on business income
- Exemption from import duty, VAT and other Taxes
- 10% FDI allowed through the automatic route for all manufacturing activities
- Procedural ease and efficiency for speedy approvals, clearances and customs procedures and dispute resolution
- Simplification of procedures and self-certification in the labor acts
- Artificial harbor and handling bulk containers made operational through out the year
- Houses both domestic and international air terminals to facilitate transit, to and fro from major domestic and international destinations
- Has host of Public and Private Bank chains to offer financial assistance for business houses
- A vibrant industrial city with abundant supply of skilled manpower, covering the entire spectrum of industrial and business expertise
- Well connected with network of public transport, local railways and cabs
- Pollution free environment with proper drainage and sewage system
- In-house Customs clearance facilities
- Easy access to airport and local Railway Station
- Full authority to provide services such as water, electricity, security, restaurants and recreational facilities within the zone on purely commercial basis
- Abundant supply of technically skilled manpower
- Abundant supply of semi-skilled labor across all industry sectors
Some of the Established Important Special Economic Zones in India are :
- Falta food processing unit, West Bengal
- Salt Lake Electronic City, West Bengal
- Manikanchan - Gems and jewelry, West Bengal
- Calcutta Leather Complex, West Bengal
- Karnataka Biotechnology and Information Technology Services - SEZ on biotechnology sector in Bangalore's Electronics City, over an area of 43 acres
- Shree Renuka Sugars Limited - SEZ on sugarcane processing complex covering 100 hectares, comprising a sugar plant, power station and distillery, at Burlatti in Belgaum district
- Ittina Properties Private Limited and three other - SEZs in IT sector, covering electronics, hardware and software sectors in
- Bangalore, over an area of 15.732 hectares
- Divyasree Infrastructure - SEZ in the IT/ITES sector over an area of 20.234 hectares in Bellandur Amani Kane near Bangalore
- Chaitanaya Infrastructure Private Limited - SEZ in the IT/ITES sector in Bangalore over an area of 20.24 hectares
- Bagmane Developers Private Limited - SEZ in the IT/ITES sector in Raman Nagar in Bangalore North over an area of 15.5 hectares
- Shipco Infrastructure Private Limited - Free Trade Ware Housing Zone in Karnataka over an area of 120 hectares
- Hinduja Investments Private Limited - SEZ in the textile and apparel sector at Doddamannugudde in Bangalore Rural district, over an area of 100 hectares
- Wipro Infotech - SEZ on IT / ITES at Electronics City, Sarajpur Bangalore
- Hewlett Packard India Software Operation Pvt. Ltd. - SEZ on IT
- Food processing and related SEZ services in Hassan, over an area of 157.91 hectares.
- SEZs on pharmaceuticals, biotechnology and chemical sectors in Hassan, covering of 281.21 hectares.
- SEEPZ - Andheri (East), Mumbai
- Khopata - Multi-product, Mumbai
- Navi Mumbai - Multi-product, Mumbai
