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Infopark gets SEZ approval New Delhi: Amid doubts over continuation of tax sops to new Special Economic Zones (SEZs), the Government Tuesday approved three fresh proposals including that of Infopark IT/ITeS SEZ in Kochi. It also gave extensions to 24 developers which included Unitech Kochi SEZ Ltd. The interest in the special economic zones (SEZs), the favourite investment destination since 2006, has started declining since December 2009. First, it was the economic slowdown of 2008-09, which took a toll on investments. Even as the economy took to recovery, the renewal of interest in SEZs was missing as the draft Direct Tax Code of the Finance Ministry proposed elimination of the income tax exemptions on export incomes on new SEZs and units there in. The Board of Approval (BoA) in the Commerce Ministry met in this backdrop and cleared the only three applications before it. It also gave extensions to 24 developers which included Unitech Kochi SEZ Ltd. The BoA, however, deferred decision on guidelines for giving a waiver on a clause in the Rules which require that SEZ should be built on a single piece of land. The decision on a proposal to tighten environment norms for plastic units in SEZs was also deferred. "These (contiguity and plastic recycling matters) will be taken up in the next meeting," Commerce Secretary Rahul Khullar said after the BoA meeting. Back |
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