This Image in Ordinances on Economic Sectors That Are in Force
Background & Features of the Bill
Special Economic Zones are entitled to various tax incentives to boost manufacturing, promote exports as well as generate employment.
The amendment will enable trusts to be considered for grant of permission to set up units in SEZs.
As per The present provisions of the SEZs Act, 2005, trusts are not permitted to set up units in SEZs.
Currently a person under section 2 (v) of the SEZ Act 2005 is defined as an individual whether residing in India or outside India.
This includes Proprietary firm, Hindu undivided family, co-operative society, company Whether incorporated in India or outside India.
The amendments will also provide flexibility to the central government to include in this definition of a person or any entity that the central government may notify from time to time.
This will facilitate investments in SEZs.
The government already received eight such proposals from various trusts regarding the establishment.
The trusts have proposed a total investment of around ₹ 8000 crore. The government expects the investments to grow further and reach upto ₹ 20,000 crore
Investment in SEZs was a whopping 5 lakh crore plus and the employment was over 20 lakh and exports were over ₹ 7 lakh crore.