Role Of Global Engineering Firms In Sez Benefits In India
India realized the significance of Special Economic Zones (SEZ) back in April 2000
for being able to channel Foreign Direct Investment (FDI) within the country in order to trigger IT export revenues. This in turn would offer a global platform to local manufacturers and firms. Indian government always supported SEZ expansion to improve their agendas and came up with multiple policies that are evaluated quarterly. This ensures numerous facilities to SEZ developers along with other enterprises and engineering firms that are establishing their units.
In the past, companies specializing in aerospace manufacturing engineering have contributed to the development of special economic zone in India. A noteworthy example is the Precision Engineering and Manufacturing SEZ unit in Belgaum. This serves as a base for foundry operations for numerous industrial and automotive facilities. There is presence of more than 100 foundries and 150 machine shops. Furthermore, there is access to skilled labor force at a competitive price range that adds value to its credibility.
This engineering special economic zone offers an organic, eco-friendly and a sustainable industrial development. Some of the SEZ benefits and basic incentives are as follows:-
* There is international standard landscaping with approximately 15,000 trees
* There is bicycles for intra-zone mobility
* A proper landscape with a huge amphitheatre visible and available from total campus
* Has rain water harvesting
* Provides a water treatment plant
* Provides a sewage treatment plant
* An existing small stream is being converted to a natural water body
Apart from the above mentioned SEZ benefits there is also consulting facility that is offered in the form of turnkey solutions for setting up green field projects in the area of precision engineering and manufacturing. Furthermore, there is incubation facilities to the consumers, till such time their units in the Zone are ready. Under this plan once can access furnished offices and other business facilities at easy rental plans.
Keeping all the above mentioned facts in mind, the main SEZ benefits in India can be summed up as industrialization promotion and economic growth through sustainable development. The primary policy statement of the initial SEZ policy statement says that the Indian SEZ units shall given fiscal incentives, tax rebates and lands at subsidized rates. The execution of the first drafted SEZ policy happened in 2000 and it was a five year project that commenced from 1.11.2000 to 9.02.2006. The first policy statement was also amended to complement and accommodate the growth attained.