With several special economic zones (SEZs) held up for want of land, the government cut the minimum area requirement and provided more flexibility in the latest bid to revive investment in the defunct enclaves and boost exports. The government has also allowed easier exit for SEZ units, where a change in ownership and transfer of assets and liabilities has been permitted.
A notification issued by the commerce department has halved the area requirement for multi-product zones to 500 hectares and for product-specific SEZs to 50 hectares from 100 hectares. In addition, special carve-outs have been allowed for information technology and IT-enabled services, where there will be no minimum area requirement.
Instead, a minimum built-up processing area requirement has been fixed, which will vary according to the size of the city. In a category ‘A’ city, which includes the metros and several state capitals, this has been pegged at 1 lakh square metres.
Then there is a lower area requirement for bio-tech, renewable energy and gems and jewellery, which has been pegged at 10 hectares.
A notification issued by the commerce department has halved the area requirement for multi-product zones to 500 hectares and for product-specific SEZs to 50 hectares from 100 hectares. In addition, special carve-outs have been allowed for information technology and IT-enabled services, where there will be no minimum area requirement.
Instead, a minimum built-up processing area requirement has been fixed, which will vary according to the size of the city. In a category ‘A’ city, which includes the metros and several state capitals, this has been pegged at 1 lakh square metres.
Then there is a lower area requirement for bio-tech, renewable energy and gems and jewellery, which has been pegged at 10 hectares.
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