The Government is set to notify measures giving a fresh impetus to investments in Special Economic Zones (SEZs) and boost exports including a cut in minimum area required for such zones and introduction of new Scheme for Electronic Hardware and Food Processing.
The proposed Measures are:
- Agro-based Food Processing SEZs will be introduced.
- The minimum area required for electronic Hardware and Agro-based Food Processing SEZs has been fixed to 10 hectare.
- Electronic Hardware SEZs will be eligible for certain additional benefits including 20% Capital Subsidy.
- Investors will be able to set up both Software and Hardware facilities on same premises.
- Multi-services SEZs will be treated on a par with single-product SEZs with minimum area halved to 50 hectares.
- Developers will be allowed to use land with some prior minor construction as a vacant land for SEZ.
- SEZ will also allow easier Exit for developers, allowing them to transfer or sell ownership of SEZs units.
The aim is to give incentives to push SEZs out of big cities and explore less dense cities.
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