Industry & Economy
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Infrastructure
New SEZ rules in 10 days, says Kamal Nath
Our Bureau
Mumbai
,
Jan 13
IN an attempt to address the gap between demand and supply for special economic zones (SEZs) in the country, the Union Government is planning to notify the new SEZ rules over the next 10 days, said Mr Kamal Nath, Union Minister for Commerce and Industry, while addressing newspersons here on Friday.
Referring to the fringe benefit tax (FBT) compliance issues, Mr Nath said the Centre would consider ways of reducing paperwork for filing returns. Revenue needs to be raised but it should be through less cumbersome procedure. Identifying the simplest ways of raising revenue would be our area of concern. The industries must be left alone to grow and progress, Mr Nath said.
Earlier, addressing an engineering industry gathering, Mr Nath said India has the capacity to lead in the engineering field. It was the aim of the Government to make the country a major manufacturing base.
"When BPO industry was started in India many years ago, who had thought that it will grow to such proportions. Engineering process outsourcing (EPO) can also be a major industry in India given our intellectual capital. EPO is a sunrise sector and it needs to be developed. It should be our target for the next 10 years" Mr Nath said.
Engineering exports from the country are likely to exceed the revised target of $18.3 billion in the current fiscal. Our attempt should be to double engineering exports to $36 billion within the next couple of years, he said.
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