Special Economic Zones
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Indore Special Economic Zone
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Indore Special Economic Zone is the most profitable export-oriented zone within the state of the Madhya Pradesh. The state of Madhya Pradesh was chosen by the Indian government to set up a special economic zone for a number of reasons. First is that the state ranks a second in position in terms of area coverage, low cost and highly skilled labor, favorable climate and excellent infrastructure. The state is well connected with other states in India by rail, road and air. Some significant highways traverse through the state and state comprises of 70,000 kilometers of road and is proud to have 4 airports and provides the facility of 25 airstrips and scope for the movement of private airlines.
The states include around 6000 railway tracks which connect it with the other states at a comparatively low cost and ensuring a comfortable journey. The state has developed into a complete industrial hub and has attracted key companies like:
All the above factors helped the central government to make up its mind to set up a special economic zone in the state. The special economic zone was decided to be set up at the capital of Madhya Pradesh and was named Indore Special Economic Zone. Indore had already earned the title of the commercial capital of the state and was enhancing the growth of the industries in the area by attracting large chunks of foreign direct investments the place provided a highly developed society. The importance of being a popular tourist spot attracted the attention of the big key players from the hotel industry to establish hotels for residential as well as business purpose. The city is easily accessible from different states in India and from foreign countries.
The Indore Special Economic Zone offers large number of facilities so that the popular business groups are attracted more and more towards it and the share of foreign direct investments also increase considerably. The inhabitants of this special economic zone are exempted from the burden of central sales tax, service tax and the revenue earned from the export of goods are subjected to complete tax exemption however for a period of 5 years at the beginning and then a tax exemption of 50 % is allowed for the following two years and the percentage of tax exemption after the completion of these two years will be subjected to modifications as per section 10 A of the Income Tax Act. The procedure for approval of the establishment of an industry is carried forward with the aid of a single window clearance. The zone is also exempted from the burden of state sales tax and other associated taxes charged by the state government and from service tax. The minimum alternate tax exemption is offered to the inhabitants of the special economic zone and are also not required paying either excise duty or customs duty.
The Indore Special Economic Zone project was under the supervision of Madhya Pradesh Audyogik Vikas Nigam has been already queued by prominent pharmaceutical companies. The biotechnology companies have also joined in the pharmaceutical companies. The list of the pharmaceutical companies includes Ecolife Pharma. The3 companies are engaged in the production of basic drug intermediates and have developed its production plant at an area of 4,000 square meters. The company planned to invest approximately Rs.5crore. The basic drugs formulations organization, IPCA Labs has been build its production unit at an area of 52 acres, however, it the proposed investment amount is as high as Rs.110 crore. The plant is still undergoing construction work. The other prominent pharmaceutical companies include Windlass Chemicals, which has decided to invest Rs.5.07crore and has purchased 3000 square meters land. The project of Nicholas Labs will require an investment of Rs.120crore and the requirement for land is nearly 20 acres and CIPLA is soon going to join them.
For more information on Indore Special Economic Zone, please refer to the following sites:
- N.B.Group
- Birla
- J.K.Group
- Cadbury
- Godrej
- Kinetic
- Procter & Gamble
All the above factors helped the central government to make up its mind to set up a special economic zone in the state. The special economic zone was decided to be set up at the capital of Madhya Pradesh and was named Indore Special Economic Zone. Indore had already earned the title of the commercial capital of the state and was enhancing the growth of the industries in the area by attracting large chunks of foreign direct investments the place provided a highly developed society. The importance of being a popular tourist spot attracted the attention of the big key players from the hotel industry to establish hotels for residential as well as business purpose. The city is easily accessible from different states in India and from foreign countries.
The Indore Special Economic Zone offers large number of facilities so that the popular business groups are attracted more and more towards it and the share of foreign direct investments also increase considerably. The inhabitants of this special economic zone are exempted from the burden of central sales tax, service tax and the revenue earned from the export of goods are subjected to complete tax exemption however for a period of 5 years at the beginning and then a tax exemption of 50 % is allowed for the following two years and the percentage of tax exemption after the completion of these two years will be subjected to modifications as per section 10 A of the Income Tax Act. The procedure for approval of the establishment of an industry is carried forward with the aid of a single window clearance. The zone is also exempted from the burden of state sales tax and other associated taxes charged by the state government and from service tax. The minimum alternate tax exemption is offered to the inhabitants of the special economic zone and are also not required paying either excise duty or customs duty.
The Indore Special Economic Zone project was under the supervision of Madhya Pradesh Audyogik Vikas Nigam has been already queued by prominent pharmaceutical companies. The biotechnology companies have also joined in the pharmaceutical companies. The list of the pharmaceutical companies includes Ecolife Pharma. The3 companies are engaged in the production of basic drug intermediates and have developed its production plant at an area of 4,000 square meters. The company planned to invest approximately Rs.5crore. The basic drugs formulations organization, IPCA Labs has been build its production unit at an area of 52 acres, however, it the proposed investment amount is as high as Rs.110 crore. The plant is still undergoing construction work. The other prominent pharmaceutical companies include Windlass Chemicals, which has decided to invest Rs.5.07crore and has purchased 3000 square meters land. The project of Nicholas Labs will require an investment of Rs.120crore and the requirement for land is nearly 20 acres and CIPLA is soon going to join them.
For more information on Indore Special Economic Zone, please refer to the following sites:
