Jose John May 21, 2016 No Comments
SEZs IN INDIA A CATALYST OR AN OBSTACLE  FOR DEVELOPMENT?  In a last-ditch effort to contain the spate of criticisms from all corners over the scheme of creating SEZs (Special Economic Zones), the Union Government came out in September 2006, with detailed guidelines for the development of social infrastructure in areas like schools, houses and hospital, besides a set of investment norms for SEZ developers. As per these news norms, it has been laid down that only those developers can now qualify for tax exemption, who will be involved in building basic infrastructure, water and sewage treatment plants, office space, shopping areas, schools, houses, hospitals, recreational and sports facilities, restaurants, and power and gas connection. It has also been made categorically dear that developers must have a net worth of at least Rs. 250 crores and invest a minimum of Rs. 50 crores. Subsequently, during! His visit to South Africa during the first week of October 2006, Prime Minister Dr. Manmohan Singh stated that “SEZs have come to stay, but they need to operate in a manner in which the concerns that have been expressed can be dealt with”. He added that they need not be perceived as a weakness of the system. Despite all attempts by the Union...
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