In order to meet challenges faced by Indian exporters and facilitate ease of doing business in the present global market scenario, the Commerce Ministry earlier this week examined the revamp of the country’s existing SEZ policy.
Discussions were held to understand how to implement the remaining recommendations of an expert committee led by Bharat Forge chairman Baba Kalyani that was formed in 2018 to review the policy.
“If India is on the path to become a $5 trillion economy by 2025, then the present environment of manufacturing competitiveness and services have to undergo a basic paradigm shift. The success seen in services sector like IT and ITeS have to be promoted in other services sectors like health care, financial services, legal, repair and design services,” stated the Commerce Ministry in a release Friday.
“Commerce and Industry & Railways Minister Piyush Goyal chaired a meeting yesterday in New Delhi to review the remaining recommendations of the Baba Kalyani report on Special Economic Zone (SEZ) policy of India,” it stated.
The government has so far reviewed specific exclusions proposed in net foreign exchange (NFE) computation in light of the ‘Make in India’ initiative and has implemented recommendations like sharing of duty exempted assets/infrastructure between units to be allowed against specific approval. It has also implemented recommendations for formalisation of the de-notification process for enclaves and delinking its present mandatory usage for SEZs purpose only, stated the ministry.
The government has set a target of creating 100 million jobs and achieving 25 per cent of GDP from the manufacturing sector by 2022 as part of the Make in India programme.