The government will constitute a group to suggest necessary changes in the policy for special economic zones (SEZs). SEZs are export hubs and contribute significantly to the country’s total outbound shipments.
“The government is in the process of constituting a group to study necessary changes in the SEZ policy,” Commerce and Industry Minister Suresh Prabhu said.
The developers and units of these zones enjoy certain fiscal and non-fiscal incentives such as there is no licence required for import; full freedom for subcontracting; and no routine examination by customs authorities of export/import cargo. They also enjoy direct and indirect tax benefits.
