Commerce Ministry looking at ways to revamp SEZ policy

New Delhi: The Commerce and Industry Ministry has examined revamping of the Special Economic Zone (SEZ) policy to meet the global challenges being faced by Indian exporters, an official statement said on Friday.

It has also discussed ways for implementation of the remaining recommendations of Baba Kalyani report on SEZ to facilitate ease of doing business in the present global market scenario, the ministry said in a statement.

Commerce and Industry Minister Piyush Goyal chaired a meeting here on Thursday to review these issues.

The statement said the recommendations which have been completed include a review of specific exclusions proposed in NFE (net foreign exchange) computation in light of ‘Make in India’ initiative, sharing of duty exempted assets/infrastructure between units to be allowed against specific approval, and formalisation of a de-notification process for enclaves.

The committee was constituted by the ministry to study the existing SEZ policy and had submitted its recommendations in November 2018.

“If India is on the path to become a USD 5 trillion economy by 2025 then the present environment of manufacturing competitiveness and services have to undergo a basic paradigm shift,” the statement said.