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Trade With India -special Economic Zones Fuelling India’s Export Growth Graph
By Mayur Dicosta
Indian Trade Exports have received a radical boost in the recent years, thanks to the 274 Special Economic Zones (SEZs) operational on the Indian soil, since April 2000. In the fiscal year 2007-2008, India’s exports from the functional SEZs, were up 92 percent at Rs, 66, 638 against Rs. 34, 615 in the previous year.


Exports from the functioning SEZs during the last five years

Year Exports (Rs. Crores) Growth rate of exports
2003-2004 13,854 39%
2004-2005 18,314 32%
2005-2006 22,840 25%
2006-2007 34,615 52%
2007-2008 66,638 92%

Clearly, SEZs have emerged as the key that have opened new door of opportunities for foreign players to Trade with India. They have emerged as one of the strongest pillars contributing to India’s Export growth.

SEZ- Overall Scenario

India was one among the foremost Asian countries that toyed with the idea of setting up an Export Processing Zone (EPZ) model to promote Indian exports. The idea translated into realty in 1965, with the first EPZ being launched in Kandla. However, in an attempt to further smoothen the roads for MNCs to trade with India, a need was felt to flaunt something new, precisely a zone that will make up for all the missing elements that came in the way, while promoting Indian exports, be it, stifling controls and clearances, under- rated infrastructure facilities and a oscillating fiscal regime and so forth. All this negative factors influenced the announcement of Special Economic Zones Policy in April 2000.

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The principal objective of the policy was to promote SEZs as a prime driver for economic growth, by factoring in aspects such as, quality infrastructure coupled with compelling fiscal packages, and bare minimum regulations.

Broadly speaking, the objectives for launching SEZs in April 2000 are as follows:

• to promote trade with India, especially exports of goods and services

• to create more economic activity

• to attract investment from domestic and foreign sources

• to generate more employment opportunities

• to develop modern infrastructure facilities

Special Economic Zones can be defined as a specific region that has economic laws that are more flexible than a country’s usual economic laws. SEZs are a living roof of the potential of export-led growth strategy in propelling a nation’s into higher growth plane.

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The Indian SEZ policies promote establishing of these zones in the government, private or joint sector. This policies offer brilliant opportunities, inviting both Indian and International foreign players to set up operations in India for manufacturing of goods and services. The units set up in the zone, need to be foreign exchange earners but will be free from any value addition or minimum export promotion requirements.

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The Government of India has converted around eight EPZs into SEZs, to attract foreign players to trade with India. This include, Kandla and Surat (Gujarat), Cochin (Kerala), Santa Cruz (Mumbai-Maharashtra), Falta (West Bengal), Madras (Tamil Nadu), Visakhapatnam (Andhra Pradesh) and Noida (Uttar Pradesh). Additionally, three new Special Economic Zones have started functioning, this include, Indore (Madhya Pradesh), Manikanchan - Salt Lake (Kolkata) and Jaipur.

SEZ Act 2005

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According to the SEZ Act 2005, State Governments have a major role to play in promotion of exports and setting up of relevant infrastructure. A Single Window SEZ approval mechanism has been set up via a 19 member inter-ministerial SEZ Board of Approval (BoA). The applications submitted by different State Governments/UT Administration are perused by BOA periodically. All decisions of the Board of approvals are taken with consensus.

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As per the SEZ Rules, different minimum land requirement are considered for different class of SEZs. Every SEZ is segregated into a processing area where only the SEZ units would be set up and the non-processing area where the support infrastructure would be established.

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The SEZ Rules provide for:

• Single window clearance for setting up of an SEZ;

• Single Window clearance on matters relating to Central as well as State Governments;

• Single window clearance for setting up a unit in a Special Economic Zone;

• Simplified compliance procedures and documentation with an emphasis on self certification

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Administration of SEZs

To effectively ensure the proper functioning of SEZ, a three tier administrative set up has been

formularized.

(a) The Board of Approval- the top body in the Department

(b) The Unit Approval Committee at the zonal level- For approval of units in the SEZs and other pertinent issues.

(c) A Development Commissioner- to head each zone.

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The Unit Approval Committee scrutinizes the performance of each SEZ units annually. The units are considered liable for penal action under the provision of Foreign Trade (Development and Regulation) Act, in case of sport ion of the conditions of the approval.

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Advantages for SEZ Developers

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The advantages that will compel overseas companies to Trade with India, or in each words form joint ventures and attract foreign investment in India include,

• Free import/domestic procurement of goods for development, operation and maintenance of SEZ units

• 100 percent Income Tax exemption on export income for SEZ units under Section 10AA of the Income Tax Act for first 5 years, 50 percent for next 5 years and 50 percent of the ploughed back export profit for next 5 years.

• Free from minimum alternate tax under section 115JB of the Income Tax Act.

• External commercial borrowing by SEZ unit’s up to US $ 500 million in a year sans any maturity restriction via recognized banking channels.

• Free from Central Sales Tax.

• Free from Service Tax.

• Single window clearance for Central and State level approvals.

• Free from State sales tax and other levies as extended by the respective State Governments.

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The major advantages available to SEZ developers include:-

• Free from customs/excise duties for development of SEZs for authorized operations approved by the Board of Approval (BOA).

• Income Tax exemption on export income for around 10 years in 15 years under Section 80-IAB of the Income Tax Act.

• Exemption from minimum alternate tax

• Exemption from dividend distribution tax

• Exemption from Central Sales Tax (CST).

• Exemption from Service Tax

Operational Special Economic Zones

Functional SEZs that encourage overseas player’s trade with India include:

1. Cochin Special Economic Zone

2. SEEPZ Special Economic Zone

3. Kandla Special Economic Zone

4. Madras Special Economic Zone

5. Visakhapatnam Special Economic Zone

6. Falta Special Economic Zone

7. Surat Special Economic Zone

8. Noida Export Processing Zone

9. Manikanchan, Salt Lake SEZ (Gems and Jewellery)

10. Indore Special Economic Zone (Multi Product)

11. Jaipur Special Economic Zone (Gems and Jewellery)

12. Mahindra City-SEZ (Information Technology)

13. Salt Lake Electronic City-SEZ (Software Development and IT enabled Services)

14. Mahindra City-SEZ (Apparel and fashion Technology)

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Foreign Direct Investment Policy on SEZ

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Foreign Direct Investment upto 100% is allowed via automatic route for all manufacturing activities in Special Economic Zones (SEZs), but there are few exceptions which include:

• Manufacturing of arms and ammunition, explosives and allied items of defense equipment, defense aircraft and warships

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Atomic substances

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Distillation and brewing of alcoholic drinks

• flowers ics and happy tropic substances and hazardous chemicals

• Cigarettes/cigars and manufactured tobacco substitutes

• Sectoral norm as informed by Government shall apply to foreign investment in services

New SEZs

SEZs schemes have been inspiring both Indian and foreign players to set SEZs in India. The list of developers who have recently set up fresh SEZs on Indian soil include,

• Nokia SEZ in Tamil Nadu

• Quark City SEZ in Chandigarh

• Flextronics SEZ in Tamil Nadu

• Mahindra World City in Tamil Nadu

• Motorola, DELL and Foxconn

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Apache SEZ (Adidas Group) in Andhra Pradesh

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Divvy's Laboratories, Andhra Pradesh

• Rajiv Gandhi Technology Park, Chandigarh

• ETL Infrastructure IT SEZ, Chennai

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Hyderabad Gems Limited, Hyderabad
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