In recent times, Posco-India, Unitech, and Lodha developers have each made fervent appeals for additional time to bring their Special Economic Zone (SEZ) projects to fruition. These developers attributed the delays in project completion to factors such as the global economic downturn and volatile market conditions.
Tata has successfully secured a one-year extension for its ITES project situated in Kolkata. Conversely, Parsvnath Infra received a six-month extension to finalize its bio-tech SEZ project in Andhra Pradesh.
Following thorough discussions, the Board has granted Parsvnath an extension, making their formal approval valid for an additional six months, specifically from November 8th, 2013, until May 8th, 2014. Moreover, Posco-India has also been granted an additional year to finalize its projects.
The board additionally sanctioned proposals from both Kerala State IT Infrastructure Ltd and Transcendent Developers, paving the way for the establishment of new IT zones across the nation.
SEZs, once pivotal drivers of investment and export growth, have experienced a decline in prominence following the global recession and the introduction of the minimum alternate tax.
Nevertheless, the government is currently undertaking substantial measures aimed at rekindling investor interest in SEZs.
In a recent move, authorities unveiled a set of comprehensive reforms. These encompass the simplification of land regulations, all designed to stimulate renewed investment activity within Special Economic Zones.