Global Engineering Services And Sez Benefits In India
If we are to summarize the main SEZ benefits in India
, then it can be said that it lead to industrialization promotion and economic expansion through sustainable development. The initial
Special Economic Zone policy states that the SEZ units in India would be provided with fiscal incentives, tax rebates, lands at subsidized rates and many more. The very first policy concerning SEZ in India was formulated as a five-year assignment that was stated to commence from November 2000 and end on February 2006.
Key benefits of SEZ
Let us have a look at some of the advantages of SEZ listed below :-
* A ten year tax holiday in a block of the initial 20 years
* Release from duties on all imports for project development
* There is no foreign ownership restrictions in developing zone infrastructure and no restrictions on repatriation
* There is complete liberty to establish township in to the SEZ with markets, residential areas, play grounds recreation centers, and clubs and without any restrictions on foreign ownership
* Income tax holidays on business income
* Procedural ease and efficiency for speedy approvals, clearances and customs procedures and dispute resolution
* Streamlining of procedures and self-certification in the labor acts
* Artificial harbor and handling bulk containers made operational throughout the year
It is pertinent to notice, that numerous companies and enterprises have contributed towards the development of social economic zones in India. Eminent
global engineering services companies too have contributed for the same. One of the notable instances would be the Precision Engineering and Manufacturing SEZ in Belgaum. It is considered as a strong industrial center for
precision machining and other foundry operations for numerous industrial and automotive facilities. It is the presence of approximately 150 machine shops and 100 foundries, and the accessibility of skilled labor at a competitive range is what adds value to it. It is an organic, eco-friendly and sustainable industrial environment.
The basic incentives and the SEZ benefits can be listed as below :-
* Bicycles for intra-zone mobility
* Water treatment plant
* Rain water harvesting
* A favorable landscape with a huge amphitheatre that is accessible and visible from across the entire campus
* An international standard landscaping with approximately 15,000 trees
* Sewage treatment plant
* A small stream that is presently existent is being transformed to a natural water body
However, the global engineering services company contributing to SEZ in India also deals in
aerospace manufacturing for commercial as well as military spheres and other industrial products.
by: Gladeyas
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