Special Economic Zones
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Advantage Indore SEZ
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The Advantage Indore SEZ has over other special economic zone Statistics Infrastructure is the State Government of Madhya Pradesh's pioneering concept of Greenfield special economic zone, and it is the only one in the country. The EXIM policy framed by the central government in the year 2000 introduced the term special economic zone.
The basic objective for setting up of a special economic zone was to promote exports and therefore, the government of India has announced a scheme in the export import policy for setting up special economic zones. The said policy lays down that public, private, joint sector or state government may set up special economic zones as notified by the Ministry of Commerce and Industry.
The government of Madhya Pradesh collaborated with the central government to develop the special economic zone and formulated the Madhya Pradesh special economic zone policy. The Madhya Pradesh special economic zone policy was approved in the year 2002, which was followed by the special Provisions Act, 2003.
Section 3(1) of the Central Excise Act provides that excise duty is to be levied on all excisable goods except goods manufactured or produced in special economic zones. As such the goods which are being produced or manufactured in special economic zones comes under the category of excisable goods but no duty is to be levied on the produce as section 3(1) of the Central excise Act excludes the same. Therefore, the goods, which are being produced or manufactured in special economic zones, are not exempted goods but can be termed as excluded excisable goods.
The Advantage Indore SEZ has is that the area where it is located. The area is well connected by air, road and railway. Madhya Pradesh is facilitated by 6000 kms of railway track and 4 airports that serve to connect the state with the other states in India and international locations too. The state is proud of its 19 centers that are constantly aiding in the development of industries.
The Madhya Pradesh government accorded the responsibility of identifying the appropriate location for the establishment of the special economic zone to the organization called the Madhya Pradesh Audyogik Kendra Vikas Nigam (MPAKVN). The MPAKVN chose the city Indore to develop it as the special economic zone. The city promised sufficient support of the infrastructure to establish the special economic zone. Indore has for long established itself as the commercial capital of Madhya Pradesh and is attracting foreign direct investment as well as investment from the domestic key players. The city has turned into an industrial hub and earned renown as a software city too. The city offers civic and industrial backup of the infrastructure to the existing industries and promises the same to the up coming industries.
Madhya Pradesh has joined in the IT boom in India and in order to boost up the information technology sector has set up the Madhya Pradesh Agency for Promotion of Information Technology (MAPIT). The state has also established 20000kms of optical fiber backbone. The optical fibers are presently engaged in facilitating 313 development blocks. The state has digitalized the exchanges and has four basic telecom providers and has also set up international gateway hubs in both the cities of Bhopal as well as Indore.
The other Advantage Indore SEZ has is the commodities that are supplied to the Domestic tariff for the purpose of value addition are exempted from the payment of taxes and vice versa, even the services that offer value addition to other commodities inside the special economic zone is exempted from the burden of taxes. Commodities received from the other zones are exempted from the payment of import- duty, tariffs and the commodities exported to the other zones are also exempted from the payment of taxes. The Indore special economic zone offers uninterrupted power supply to the inhabitants and has developed its own power generation station. The civic and recreational facilities offered by the zone includes street lighting, public parks, fire fighting facilities, 24 hours water supply, shops, disposal of municipal as well as industrial wastes, clubs etc. The special economic zone offers space for residential purpose as well as industrial purposes.
The special economic zone has developed various sections like fabric complex, trading and logistic facilities, automobile and automobile ancillary production units etc. The fabric complex aids in the storage of foreign fiber and also integrates the different garment exporters of the state to enhance development of the fabric sector. The logistic facility provided by the zone comprises of sale of commodities manufactured in the zone to the bonded warehouses that exist in India and aids in the smooth flow of foreign direct investment. The zone has its own stone park that deals in granite semi finishing and feed complex. The zone also offers infrastructural support for the production of automobiles and comprises of the associated manufacturing industries like heavy engineering, assembly activity, metallurgical companies, and metal working and so on. The zone has developed as a hub with regard to offshore banking units. The leather goods and other leather accessories are being produced as well as marketed from this special economic zone. The operation of the gem and jewelry industry and the electronic, computer and hardware industry within the special economic zone gave tremendous boost to these industries as it has helped to improve the overall jewelry and electronics industry in Madhya Pradesh by creating employment and providing jobs to the small scale industries of the state.
The government of Madhya Pradesh collaborated with the central government to develop the special economic zone and formulated the Madhya Pradesh special economic zone policy. The Madhya Pradesh special economic zone policy was approved in the year 2002, which was followed by the special Provisions Act, 2003.
Section 3(1) of the Central Excise Act provides that excise duty is to be levied on all excisable goods except goods manufactured or produced in special economic zones. As such the goods which are being produced or manufactured in special economic zones comes under the category of excisable goods but no duty is to be levied on the produce as section 3(1) of the Central excise Act excludes the same. Therefore, the goods, which are being produced or manufactured in special economic zones, are not exempted goods but can be termed as excluded excisable goods.
The Advantage Indore SEZ has is that the area where it is located. The area is well connected by air, road and railway. Madhya Pradesh is facilitated by 6000 kms of railway track and 4 airports that serve to connect the state with the other states in India and international locations too. The state is proud of its 19 centers that are constantly aiding in the development of industries.
The Madhya Pradesh government accorded the responsibility of identifying the appropriate location for the establishment of the special economic zone to the organization called the Madhya Pradesh Audyogik Kendra Vikas Nigam (MPAKVN). The MPAKVN chose the city Indore to develop it as the special economic zone. The city promised sufficient support of the infrastructure to establish the special economic zone. Indore has for long established itself as the commercial capital of Madhya Pradesh and is attracting foreign direct investment as well as investment from the domestic key players. The city has turned into an industrial hub and earned renown as a software city too. The city offers civic and industrial backup of the infrastructure to the existing industries and promises the same to the up coming industries.
Madhya Pradesh has joined in the IT boom in India and in order to boost up the information technology sector has set up the Madhya Pradesh Agency for Promotion of Information Technology (MAPIT). The state has also established 20000kms of optical fiber backbone. The optical fibers are presently engaged in facilitating 313 development blocks. The state has digitalized the exchanges and has four basic telecom providers and has also set up international gateway hubs in both the cities of Bhopal as well as Indore.
The other Advantage Indore SEZ has is the commodities that are supplied to the Domestic tariff for the purpose of value addition are exempted from the payment of taxes and vice versa, even the services that offer value addition to other commodities inside the special economic zone is exempted from the burden of taxes. Commodities received from the other zones are exempted from the payment of import- duty, tariffs and the commodities exported to the other zones are also exempted from the payment of taxes. The Indore special economic zone offers uninterrupted power supply to the inhabitants and has developed its own power generation station. The civic and recreational facilities offered by the zone includes street lighting, public parks, fire fighting facilities, 24 hours water supply, shops, disposal of municipal as well as industrial wastes, clubs etc. The special economic zone offers space for residential purpose as well as industrial purposes.
The special economic zone has developed various sections like fabric complex, trading and logistic facilities, automobile and automobile ancillary production units etc. The fabric complex aids in the storage of foreign fiber and also integrates the different garment exporters of the state to enhance development of the fabric sector. The logistic facility provided by the zone comprises of sale of commodities manufactured in the zone to the bonded warehouses that exist in India and aids in the smooth flow of foreign direct investment. The zone has its own stone park that deals in granite semi finishing and feed complex. The zone also offers infrastructural support for the production of automobiles and comprises of the associated manufacturing industries like heavy engineering, assembly activity, metallurgical companies, and metal working and so on. The zone has developed as a hub with regard to offshore banking units. The leather goods and other leather accessories are being produced as well as marketed from this special economic zone. The operation of the gem and jewelry industry and the electronic, computer and hardware industry within the special economic zone gave tremendous boost to these industries as it has helped to improve the overall jewelry and electronics industry in Madhya Pradesh by creating employment and providing jobs to the small scale industries of the state.
