SEZ Benefits and Expansion in India India realized the need for Special Economic Zones back in the year 2000, in April to be able to channel foreign investment in the country that would help to trigger its export revenues and to offer a global platform to local manufacturers and firms. The Indian government has always been in favor of SEZ expansion and to enhance their agendas it has spelt out various policies, which are evaluated on a quarterly basis. This assures the ample supply of facilities to SEZ developers along with other companies and engineering firms setting up their units in it. Advantages of SEZ Some of the essential key benefits of SEZ are listed below
A ten year tax holiday in a block of the initial 20 years Streamlining of procedures and self-certification in the labor acts Release from duties on all imports for project development Artificial harbor and handling bulk containers made operational through out the year There is no foreign ownership restrictions in developing zone infrastructure and no restrictions on repatriation Income tax holidays on business income Procedural ease and efficiency for speedy approvals, clearances and customs procedures and dispute resolution There is complete liberty to establish township in to the SEZ with markets, residential areas, play grounds recreation centers, and clubs and without any restrictions on foreign ownership
Several companies of international acclaim have taken part and contributed in the Indian SEZ’s. Well known global engineering services enterprises too have forayed in SEZ development in India. The prominent instance to state here is the Precision Engineering and Manufacturing SEZ located in Belgaum. It is has received several accolades for being one of the robust industrial hubs for precision machining and other allied foundry operations that are needed in various automotive and industrial facilities. The value addition takes place owing to the presence of about 150 machine shops and 100 foundries and the availability of skilled labor force at competitive price. In addition to that, it is an eco-friendly, organic and sustainable industrial development. The primary incentives and the SEZ benefits offered are listed below
A small stream that is presently existent is being transformed to a natural water body Bicycles for intra-zone mobility Water treatment plant Rain water harvesting An international standard landscaping with approximately 15,000 trees A favorable landscape with a huge amphitheatre that is accessible and visible from across the entire campus Sewage treatment plant
SEZ in India has been established under the alliance of government and private organizations where the government sector provided all the help by introducing provisions on investments, infrastructure, and issues related to bond and debentures and many more. This allows the private industry to achieve a great amount of return on the venture. Moreover, there have been eminent global engineering services organizations participating in Indian SEZ dealing in aerospace manufacturing for commercial as well as military spheres and other industrial products.