• About us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI हिन्दी
TFI Global
Sunday, April 2, 2023
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Digvijay is not Congress; Congress leaders are not Congress; then who represents Congress? convicted Rahul Gandhi?

    Digvijay is not Congress; Congress leaders are not Congress; then who represents Congress? convicted Rahul Gandhi?

    Bhutan PM statement

    Bhutan’s unfortunate statement on Doklam stalemate

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    Mamata Banerjee petition

    Bombay HC castigates Mamata Banerjee for being unpatriotic

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    overall exports of India

    India’s overall exports crossed $750 billion

    UPI interchange fee

    UPI interchange fee: NPCI levies transaction charge, who will pay?

    Chinese FDI

    Nirmala Sitaraman takes out her club to break Chinese investors backbone

    Campa Cola

    Reliance’s foray into Indian Soft Drinks: Can Campa Cola make a comeback?

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Khalistan – Pakistan’s only successful project against India

    Khalistan – Pakistan’s only successful project against India

    Defence Ministry to boost IAF’s capabilities

    Defence Ministry to boost IAF’s capabilities

    ASEAN’s Defence Market: India and South Korea Compete for Supremacy

    ASEAN’s Defence Market: India and South Korea Compete for Supremacy

    From Pipeline to Power Grid: India and Bangladesh Forge Stronger Energy Bonds

    From Pipeline to Power Grid: India and Bangladesh Forge Stronger Energy Bonds

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Bhutan PM statement

    Bhutan’s unfortunate statement on Doklam stalemate

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    Saudi Arabia Pakistan loans

    No more interest-free loans: Saudi Arabia and Kuwait humiliate Pakistan

    AFINDEX-2023

    AFINDEX-2023: The Defence Ministry’s Outreach to African Nations, A Closer Look

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Balochistan India

    Nehru’s Historic Blunder: Why Balochistan Remains Disconnected from India

    Raghunath Rao

    Raghunath Rao vs Peshwa Madhavrao: The Mahabharata that could’ve been avoided

    Merger of Jodhpur

    A Narrow Miss: When Jodhpur Nearly Became Part of Pakistan

    Yes, Akbar was more Naseeruddin Shah and not even one bit of Hrithik Roshan

    Yes, Akbar was more Naseeruddin Shah and not even one bit of Hrithik Roshan

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Bholaa movie review

    ‘Bholaa’ movie : True Review

    Siddharth Roy Kapur Bollywood

    Siddharth Roy Kapur has predicted the future of Bollywood and it makes a lot of sense

    EV Charging Stations

    India’s Push for Electric Vehicles: Boosting Infrastructure with 7,432 Charging Stations

    Top 10 Strangest Lakes in the World

    The Enigmatic Wonders: Top 10 Strangest Lakes in the World

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Digvijay is not Congress; Congress leaders are not Congress; then who represents Congress? convicted Rahul Gandhi?

    Digvijay is not Congress; Congress leaders are not Congress; then who represents Congress? convicted Rahul Gandhi?

    Bhutan PM statement

    Bhutan’s unfortunate statement on Doklam stalemate

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    Mamata Banerjee petition

    Bombay HC castigates Mamata Banerjee for being unpatriotic

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    overall exports of India

    India’s overall exports crossed $750 billion

    UPI interchange fee

    UPI interchange fee: NPCI levies transaction charge, who will pay?

    Chinese FDI

    Nirmala Sitaraman takes out her club to break Chinese investors backbone

    Campa Cola

    Reliance’s foray into Indian Soft Drinks: Can Campa Cola make a comeback?

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Khalistan – Pakistan’s only successful project against India

    Khalistan – Pakistan’s only successful project against India

    Defence Ministry to boost IAF’s capabilities

    Defence Ministry to boost IAF’s capabilities

    ASEAN’s Defence Market: India and South Korea Compete for Supremacy

    ASEAN’s Defence Market: India and South Korea Compete for Supremacy

    From Pipeline to Power Grid: India and Bangladesh Forge Stronger Energy Bonds

    From Pipeline to Power Grid: India and Bangladesh Forge Stronger Energy Bonds

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Bhutan PM statement

    Bhutan’s unfortunate statement on Doklam stalemate

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    Saudi Arabia Pakistan loans

    No more interest-free loans: Saudi Arabia and Kuwait humiliate Pakistan

    AFINDEX-2023

    AFINDEX-2023: The Defence Ministry’s Outreach to African Nations, A Closer Look

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Balochistan India

    Nehru’s Historic Blunder: Why Balochistan Remains Disconnected from India

    Raghunath Rao

    Raghunath Rao vs Peshwa Madhavrao: The Mahabharata that could’ve been avoided

    Merger of Jodhpur

    A Narrow Miss: When Jodhpur Nearly Became Part of Pakistan

    Yes, Akbar was more Naseeruddin Shah and not even one bit of Hrithik Roshan

    Yes, Akbar was more Naseeruddin Shah and not even one bit of Hrithik Roshan

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Bholaa movie review

    ‘Bholaa’ movie : True Review

    Siddharth Roy Kapur Bollywood

    Siddharth Roy Kapur has predicted the future of Bollywood and it makes a lot of sense

    EV Charging Stations

    India’s Push for Electric Vehicles: Boosting Infrastructure with 7,432 Charging Stations

    Top 10 Strangest Lakes in the World

    The Enigmatic Wonders: Top 10 Strangest Lakes in the World

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
No Result
View All Result

HOME » Economy » Revamped SEZs will provide a huge boost to local markets

Revamped SEZs will provide a huge boost to local markets

Abhishek Kumar Singh
by Abhishek Kumar Singh
26 July 2022
in Economy
0
Revamped SEZs will provide a huge boost to local markets
406
VIEWS
Share on FacebookShare on Twitter

It is an unsaid rule that capital investments and their outcomes follow specific cycles. If it does not provide result in 1 cycle, it does not mean that the investments have failed. We wait for few more before tinkering with the structure. 17 years have been too long to be patient with SEZs. The new DESH framework is going to bring in fundamental changes in SEZs.

DESH bill to revamp SEZs

Soon the Modi government will be introducing a new bill altering the motive as well as operational structure of Special Economic Zones. It is named as Development of Enterprise and Service Hubs (DESH) Bill. DESH bill goes way beyond promoting exports and if passed, the act will allow companies operating in SEZs to boost domestic manufacturing leading to more job creation. It is not that earlier companies could not sell in the domestic market, but their exports were statutorily required to be more than their domestic sales. In other words, their bank accounts were required to have more foreign exchange than the domestic currency.

DESH legislation is more in line with ease-of-doing-business mantra of the Modi government. According to the bill, there will be online single window portal for the time bound regulatory approvals. Additionally, working on the cooperative federalism principle, Modi government has designed more roles for states in the bill. Instead of decision making largely centred at Ministry of Commerce, now states would have the powers to approve imports or procurement of goods, monitor the utilization of goods and services, warehousing, and trading in the SEZs.

Establishment of SEZs

DESH bill is the much needed change necessitated by the evolving consumption pattern all around the world. SEZs were quickly becoming outdated. SEZs act was passed in 2005 by the Manmohan Singh government and it came into force in 2006. The act was mainly aimed towards boosting India’s exports. For the purpose, the act provided various regulatory exemptions to the businesses established in these Zones. SEZs units can procure goods duty free for development, operation and maintenance of the units.

To boost exports, government exempts companies from paying income taxes on the export revenues for first five years. For the next five years, they were needed to pay only half of the statutory requirement. They have exemptions from the GST as well as minimum alternate tax as well. Moreover, companies are availed land at cheaper rates. Even electricity duty is exempted at some places. To facilitate all these processes, custom officers are appointed by the government.

SEZs gave mixed results

Naturally, if you are provided higher incentives, the expectations will be high. SEZs have performed well in the past. In 15 years, the exports from these units increased by nearly 33 times from ₹ 22,840 crores to ₹ 7,59,524 Crore. It came on the back of investments, which increased from ₹ 4,035.51 Crore in 2005-06 has increased to ₹ 6,17,499 Crore in 2020-21. Even the employment generation went several notches up from 1,34,704  in 2005-06 to 23,58,136 in (2020-21).

But, even that is not enough and nowhere close to the potential these Economic Zones hold. For instance, total 425 units have been approved by the government. Ideally, they should all have been running till now. Unfortunately, and also due to decreasing enthusiasm, only 376 have been notified, out of which 111 are not even operational. Various Free Trade Agreements have also played a key role in the downfall of SEZs. These FTAs allowed importers outside SEZs to garner more profits.

Need of the hour

Additionally, liberalised regulatory regime in neighbouring countries also forced companies to look towards them before having close look on SEZs. Off late, SEZs have been finding it hard to fulfill its stated obligation, which is increasing exports. Their contribution in India’s overall exports is under the risk of falling below 25 per cent.

Clearly, the alarm bell was ringing. But, India’s increased consumer spending gave government a hope. Now, with easier access to domestic market, SEZs are expected to reemerge in upcoming years.

Support TFI:

Support us to strengthen the ‘Right’ ideology of cultural nationalism by purchasing the best quality garments from TFI-STORE.COM

Also Watch:

Tags: BIllcompaniesDESHDomesticexportsGovernmentSEZ
ShareTweetSend
Previous Post

Actress Anna Rajan Biography, Career, and Life story

Next Post

Tracing the evolution of NITI Aayog

Abhishek Kumar Singh

Abhishek Kumar Singh

Truth Seeker. Columnist at TFI Media.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Comments
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Meat Ban

A Jain responds to Meat Ban in Mumbai

Public Sector Bank, Government, Bill

Dear bank employees, continue your stride but PSBs will be privatized

anti-Hindi

Anti-Hindi Forever?- In search of a National Language!

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Digvijay is not Congress; Congress leaders are not Congress; then who represents Congress? convicted Rahul Gandhi?

Digvijay is not Congress; Congress leaders are not Congress; then who represents Congress? convicted Rahul Gandhi?

31 March 2023
Bhutan PM statement

Bhutan’s unfortunate statement on Doklam stalemate

31 March 2023
The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

31 March 2023
Balochistan India

Nehru’s Historic Blunder: Why Balochistan Remains Disconnected from India

31 March 2023

Popular This Week

Priyanka Chopra
Cinema

Priyanka Chopra is often off the mark, but this time she has hit the bull’s eye

by Paurush Gupta
29 March 2023
Yami Gautam
Cinema

Why Yami Gautam should get films more often

by Sabita Mishra
28 March 2023
Physics Wallah controversy
Opinions

Physics Wallah controversy: The day Alakh Pandey decided to become an internet sensation is the day Physics Wallah died

by Shubham Bajpai
30 March 2023
Rahul Gandhi
Analysis

A bigger conspiracy lies behind Rahul Gandhi’s ouster

by Paurush Gupta
27 March 2023
Renuka Chowdhury will file a defamation case against PM Modi
Opinions

A point-by-point rebuttal on Renuka Chowdhury’s rants

by Paurush Gupta
26 March 2023

©2023 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFI Official Merchandise
TFI हिन्दी
TFI Global
  • About us
  • Careers
  • Brand Partnerships

©2023 TFI Media Private Limited

Follow us on Twitter

and never miss an insightful take by the TFIPOST team

Follow @tfipost