The Union Cabinet had in February approved the introduction of the Special Economic Zones (Amendment) Bill, 2019 to replace an ordinance promulgated by the previous government.
Commerce and industry minister Piyush Goyal on Monday introduced a bill to allow trusts to set up units in special economic zones (SEZs). The Union Cabinet had in February approved the introduction of the Special Economic Zones (Amendment) Bill, 2019 to replace an ordinance promulgated by the previous government. The ordinance seeks to amend the definition of a person under the SEZ Act 2005, which will enable a trust to be considered for grant of permission to set up a unit. The amendment seeks to provide flexibility to the central government to include ‘trusts’ in the definition of a ‘person’ in a bid to facilitate investments in these zones.
Exports from SEZs rose 21% on year to Rs 7 lakh crore in FY19. As of March 31, there were 232 SEZs, of which 25 are multiproduct and the rest are sector specific, with 5,109 approved units. After the amendment of sub-section (v) of Section 2 of the SEZ Act 2005, a trust or any entity notified by the central government will be eligible to be considered for grant of permission to set up a unit in SEZs, according to the bill.
