Parliament Passes Bill To Amend SEZ Law

The Bill to amend the Special Economic Zone (SEZ) law was passed in Parliament on June 27. According to the Special Economic Zones (Amendment) Bill, 2019, trusts should be allowed to set up units in SEZs by amending the SEZ law. The government asserted that these zones were an engine of growth and employment while passing the Bill.  

The Bill will replace the Special Economic Zones (Amendment) Ordinance, 2019, which was promulgated in March. According to commerce and industry minister Piyush Goyal, this is a small amendment that has a large impact on investment, job and growth. "Until now, we have eight proposals from such trusts and the total investment proposed comes out to be Rs 8,000 crores," Goyal said, adding that the government expects about $3 billion (Rs 20,000 crore) of annual investment.  

"At the end of March 2019, the investment in SEZs was a whopping Rs 5 lakh crore plus and the employment was over 20 lakh in SEZs and export from SEZs was over Rs 7 lakh crore," Goyal added. 

With inputs from Housing.com News