EUROPEAN FIRMS TO SHIFT TO SEZS IN INDIA
Star of Mysore
Mysore, Aug. 26 (NMG)- Many Europe-based industries have expressed their willingness to relocate to Special Economic Zones (SEZ) in India which has the best facilities for their growth, said, C.J. Mathew, Development Commissioner of Cochin Special Economic Zone.
Speaking at an interaction programme on SEZ in CII here yesterday he said that a number of industries from Europe were ready to shift to SEZs in India and China because of the ready availability of skilled human resource. The Union Government had approved 150 out of 388 proposals and half of them are reserved for IT. The sanctioning of 150 SEZ will result in a loss of Rs. 90,000 crore as the developers of SEZ will be exempted from customs duty and VAT for a period of three to five years, he added.
The SEZ for Mysore has been sanctioned in principle for IT and a developer had offered to set it up, said Mathew.
Kalpesh Maroo, Manager, BMR and Associates has said that developers have come forward to establish SEZ in Hubli at an investment of Rs. 600 crore, in the field of power generation education and amusement parks.
The proposals will be cleared in the board meeting in September he explained and added that the existing industries will not be allowed to shift to SEZs as a lot of money has been spent by the Government to create infrastructure for their benefit.
The demand for SEZs in Belgaum, Mangalore and other parts of the State is on the rise he said.
Convenor of Economic Affairs and Public Policy panel of CII B. Jayaraman, General Manager of Corporate Finance and Taxation of the Prestige Group K. Madhusudhan and others spoke
