Infosys Proposal to Set Up IT SEZ in Bengaluru Has Been Approved by Union Government [ Current News (Concise) ]
The proposal of Infosys to set up an IT/ITeS special economic zone (SEZ) in Bengaluru, Karnataka in an area spread over 4 hectares has been approved by the Union Government. An inter-ministerial Board of Approval (BoA) has takem this decision which was headed by Commerce Secretary Rita Teaotia.
- BOA decided formal approval Infosys’ proposal as it holds the land by itself.
- It also stretched the time limit of closely around 20 developers to complete their projects.
- The inventors who got the time extension include
- Wipro for IT SEZ in Karnataka
- Mayar Infrastructure Development for a biotechnology SEZ in Haryana a
- Vedanta for its sector-specific SEZ for manufacturing and exports of aluminium in Odisha.
- The BoA also accepted application of Unitech Realty Project for change of name of the developer.
- Sincerity Gurgaon One Developers will be the changed name and Projects and it also changes shareholding pattern of the company.
- SEZs are defined duty-free enclaves that are estimated to be foreign territory for the drives of trade operations and duties and tariffs.
- They are general export hubs that pay about 23 per cent to the country’s total exports.
- The term (SEZ) is commonly used as a generic term to refer to only one modern economic zone. special economic zone.
- In these zones business and trades laws vary from the rest of the country.
- Generally SEZs are located within a country’s national borders.
- The aims of the zones are increased trade, increased investment, job creation and effective administration.
- To encourage businesses to set up in the zone, financial policies are introduced.
- Published on: May 9, 2016