Special Economic Zones - Development of SEZs in India Special economic zones in India have always been in news and involved in several layers of development along with controversy. This controversy became more intense post the United Progressive Alliance government of Manmohan Singh, that enacted a law dedicated to these zones back in the year 2005. In the past few years there have been substantial financial investments and other allied concessions directed towards developing these zones. As a result of this, numerous eminent companies dedicated themselves along with their initiatives to seek every required approval from the government to part take in the SEZ development bandwagon. In this process, huge chunks of land were given to several companies and global brands for them to establish their respective units under the SEZ plan. There have been cases, where the agrarian farmers along with their families had to do away with their cultivable land, allowing the government-sanctioned zone to come up in an area. However, special economic zones in India had witnessed the participation from numerous companies from everywhere. There have been cases when certain brands dealing in engineering consultancy services came forward to put their best foot forward for these zones. These companies along with dealing in engineering and manufacturing needs in domains like engineering and automotive segments, has significantly contributed towards establishing these special economic zones in India. An instance worth mentioning is the first ever-notified Aerospace Precision Engineering and Manufacturing SEZ in Karnataka. This development center sprawls over a total expanse of 300 acres in Belgaum, and is all equipped to expand the Aerospace Precision Engineering and Manufacturing supply ecosystem. Exclusive SEZ benefits include the following:Sustainable Support at the Special Economic Zone An Eco-friendly, Organic and Sustainable Industrial Environment Consulting facility Incubation facility These apart, leading brands in engineering services outsourcing also makes it possible for the investors to reap in the advantages of Sez Policy Benefits that are sanctioned by the Indian Government. The fiscal benefits of SEZ include the following:Income Tax advantages for units at the SEZ 100% SEZ tax exemption - in a block of 10 years out of 15 years Investments in SEZ also enjoy the following Income Tax Benefits:100% Exemption â€“ for first five years 50% Exemption â€“ for next five years Other Links: aerospace engineering, oil and gas engineering
Special economic zones in India have always been in news and involved in several layers of development along with controversy.