Centre Forms 17-Member Panel to Prepare Roadmap For SEZ 2.0 Policy
The Centre has set up a 17-member committee to prepare a roadmap for a new SEZ 2.0 policy and suggest reforms to strengthen India’s Special Economic Zone framework
The Central Government has set up a 17-member committee to review and reform India’s Special Economic Zone (SEZ) policy and prepare a roadmap for a new SEZ 2.0 framework aimed at improving exports, investment and employment.
According to an NDTV Profit report, the committee has been formed by the Department of Commerce to examine the present SEZ framework and suggest policy, legal and procedural reforms required to strengthen the SEZ ecosystem.
Officials said the panel will prepare a concept paper within six months. The report will include recommendations on reforms, possible amendments to the SEZ Act, 2005, and a roadmap for implementing the proposed SEZ 2.0 policy.
The committee includes representatives from different government bodies such as the Department of Commerce, NITI Aayog, Department for Promotion of Industry and Internal Trade (DPIIT), and the Central Board of Indirect Taxes and Customs (CBIC).
The panel will also study how other export promotion schemes like Export Oriented Units (EOUs), Advance Authorisation, Export Promotion Capital Goods (EPCG) scheme, Duty Free Import Authorisation (DFIA), and the Manufacturing and Other Operations in Warehouse Regulations (MOOWR) can be better aligned with the SEZ policy.
According to the report, the committee will also examine whether the current SEZ system is effective in increasing exports, attracting investment and generating employment in the present global trade environment.
The panel is expected to study operational challenges faced by SEZ developers and businesses including issues related to taxation, customs procedures, compliance requirements and infrastructure.
Reforms are necessary because the SEZ Act was introduced in 2005, and global trade and investment patterns have changed significantly since then.
India currently has more than 270 operational SEZs with thousands of units functioning in them, contributing significantly to the country’s exports.
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