---------- Forwarded message ----------
From: Press Information Bureau Ministry of I&B <pib.kolkata@gmail.com>
Date: Wed, Mar 3, 2010 at 1:29 PM
Press Information Bureau
Government of India
* * * * *
Ministry of Commerce & Industry
Concerns of SEZs addressed in the Budget: Anand Sharma
POLICY ISSUES ON LABOUR INTENSIVE UNITS TO BE ADDRESSED SOON
GOVERNMENT EXTENDS INTEREST SUBVENTION OF 2 PER CENT FOR ONE MORE YEAR
FOR EXPORTS
New Delhi: March 3, 2010.
During an informal interaction with the media on the outcome of the
General Budget 2010-11, Shri Anand Sharma, Union Minister of Commerce
and Industry, has stated that the support and incentives for Special
Economic Zones (SEZs) will continue without any dilution. Earlier,
SEZ unit holders and developers had raised concerns regarding
continuation of tax benefits like income tax holiday after the Direct
Tax Code comes into effect, replacing the existing Income Tax Act. The
Minister informed the reporters that the Finance Minister in his
Budget speech has said that the government is committed to ensuring
continued growth of SEZs to draw investments and boost exports and
employment.
Replying to a question raised by the media on continuation of sops to
Export Oriented Units (EOUs), Shri Sharma said: "if there are any
issues, we will assess and if there are legitimate concerns which may
have serious impact, we can always take it up with the Finance
Minister". He also informed that some other policy issues
concerning the labour intensive units, would be addressed soon.
As regards exports, which have turned positive after 13 months since
November 2009, the Minister said that the export shipments are
expected to further contribute to the momentum in the last quarter of
the fiscal. The Budget allocation for the micro, small and medium
enterprises has also been raised from Rs.1794 crore to Rs.2400 crore
for 2010-11. This sector contributes 40 per cent of the country's
exports and the additional allocation would further boost the export
growth.
The government has now proposed to extend the interest subvention of 2
per cent for one more year for exports covering handicrafts, carpets,
handlooms and small and medium enterprises (SMEs). Earlier, the
government had provided interest subvention of 2 percent in
pre-shipment export credit up to March 31, 2010 in certain sectors.
A number of steps have been taken to simplify the Foreign Direct
Investment (FDI) regime. The government also intends to make the FDI
policy user-friendly by consolidating all prior regulations and
guidelines into one comprehensive document, which would enhance
clarity and predictability of our FDI policy to foreign investors.
India received FDI equity inflows of US $ 20.9 billion during
April-December 2009.
rj/mrs/dk/kol/13:27 hrs.
From: Press Information Bureau Ministry of I&B <pib.kolkata@gmail.com>
Date: Wed, Mar 3, 2010 at 1:29 PM
Press Information Bureau
Government of India
* * * * *
Ministry of Commerce & Industry
Concerns of SEZs addressed in the Budget: Anand Sharma
POLICY ISSUES ON LABOUR INTENSIVE UNITS TO BE ADDRESSED SOON
GOVERNMENT EXTENDS INTEREST SUBVENTION OF 2 PER CENT FOR ONE MORE YEAR
FOR EXPORTS
New Delhi: March 3, 2010.
During an informal interaction with the media on the outcome of the
General Budget 2010-11, Shri Anand Sharma, Union Minister of Commerce
and Industry, has stated that the support and incentives for Special
Economic Zones (SEZs) will continue without any dilution. Earlier,
SEZ unit holders and developers had raised concerns regarding
continuation of tax benefits like income tax holiday after the Direct
Tax Code comes into effect, replacing the existing Income Tax Act. The
Minister informed the reporters that the Finance Minister in his
Budget speech has said that the government is committed to ensuring
continued growth of SEZs to draw investments and boost exports and
employment.
Replying to a question raised by the media on continuation of sops to
Export Oriented Units (EOUs), Shri Sharma said: "if there are any
issues, we will assess and if there are legitimate concerns which may
have serious impact, we can always take it up with the Finance
Minister". He also informed that some other policy issues
concerning the labour intensive units, would be addressed soon.
As regards exports, which have turned positive after 13 months since
November 2009, the Minister said that the export shipments are
expected to further contribute to the momentum in the last quarter of
the fiscal. The Budget allocation for the micro, small and medium
enterprises has also been raised from Rs.1794 crore to Rs.2400 crore
for 2010-11. This sector contributes 40 per cent of the country's
exports and the additional allocation would further boost the export
growth.
The government has now proposed to extend the interest subvention of 2
per cent for one more year for exports covering handicrafts, carpets,
handlooms and small and medium enterprises (SMEs). Earlier, the
government had provided interest subvention of 2 percent in
pre-shipment export credit up to March 31, 2010 in certain sectors.
A number of steps have been taken to simplify the Foreign Direct
Investment (FDI) regime. The government also intends to make the FDI
policy user-friendly by consolidating all prior regulations and
guidelines into one comprehensive document, which would enhance
clarity and predictability of our FDI policy to foreign investors.
India received FDI equity inflows of US $ 20.9 billion during
April-December 2009.
rj/mrs/dk/kol/13:27 hrs.
--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/
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