Mobile Banking For Inclusive Growth - Punjab National Bank ...
Mobile Banking For Inclusive Growth - Punjab National Bank ... Mobile Banking For Inclusive Growth - Punjab National Bank ...
e-trackWith a view to provide a significant thrust to Moreover, for promoting infrastructural facilitiesthe policy, the government enacted, the SEZ Act for export production SEZ was set up in the public2005 and it became operative from 10th February private, joint sector or by the State government. In2006, with the SEZ rules vetted and approved for the fact the planning for SEZ programme to ensure thenotification.SEZ FRAMEWORKexport led growth by attracting FDI and otherprivate sector instrument and thus using SEZ ascatalyst in the reform, economic development ,employment creation and regional development.Fiscal Incentives and RegulatoryBenefits (Preferential policyFramework)The purpose of the Special Economic Zone isconceived to be acceleration of economicSEZdevelopment in a part of the country mainly owningto external strategy investors particularly by therealization of anyone or all of the followingIntegrated Information (Self contained and self managed) objectives.The concept embraces the strategic 1. Generation of additional economic activity.positioning of the zone in the world markets by 2. Development of new technological solutionleveraging on the strong backward linkages with and their use in national economyhinterland /Domestic Tariff Area (DTA) For 3. Promotion of exports of goods and services.undertaking SEZ acting one should have a multi-4. Increasing competitiveness of products anddisciplinary expertise in the fields of business ,services.economics , Finance , legal and urban and5. Making use of already existing industrial andinfrastructure planning.economic infrastructure.Administrative Set-up for SEZs6. Creating employment opportunities.i) SEZ are governed by three tier administrative7. Making use of natural resources with respectset –upii)iii)Thrust on Self Certification and inzone environment (Hassel freeoperating Environment)The Board of Approval is the apex body in thedepartmentThe unit Approval Committee at the zonallevel dealing with approval of units in the SEZand other related issues andEach zone is headed by a DevelopmentCommissioner, who also leads the unit ApprovalCommittee.The SEZ rules provide the simplifiedprocedures for development, operation andmaintenance of the Special Economic Zones forsetting up and conducting business in SEZ.to natural environment.India's Policy On SEZ -A SnapshotDeveloper of SEZ may import /procure goodswithout payment of duty for the development,operation and maintenance.Income tax exemption for a block of 10 year in15 years at the option of developer as persection-80-IA of the Income Tax Act.Full freedom in allocation of developed plotsto approved SEZ units on purely commercialbasis.Full authority to provide services like water,electricity, security, restaurants, recreationJanuary-March-201018
centers etc on commercial lines.Foreign investment permitted to developtownship within the SEZ with residentialareas, markets, play grounds, clubs, recreationcenters etc.Develop Standard Design Factory (SDF)building in exiting Special Economic Zones.Income Tax exemption to Investor's in SEZ'sunder section 10(23) G of Income Tax Act.e-tracklosses an account of land acquisition The tablehighlights the exports from the functioning of SEZduring the four years.Table : 1 ExportExemption from Service Tax Investment 2006-07 34,615 52%made by individuals etc.2007-08 66,638 92%In SEZ company also eligible for exemptionu/s 88 of IT Act.Source : www.sezindia.nic.in.ExportsDevelopments promoted to transfer Exports from the SEZ during 2004-05 haveinfrastructure facility for operations and registered a growth of 32% in rupee terms over themaintenance u/s 80 –I-A of IT Act. previous year .Exports during 2005-06 were 22, 840Generation, Transmission and Distribution of crore as compared to RS. 18, 314 crores during thePower in SEZs allowed.corresponding period of last year. At present , 1948Benefits of SEZunit during the operating in the year SPZsproviding directly in the year SEZs providingIndian SEZ is considered as catalyst fordirect employment to about 1.10 lakhs personstransforming our planned economy into a marketabout 40%^ are women .Private investment byeconomy which has two facets. Firstly, SEZ fulfillsentrepreneurs for establishing units in the SEZs arethe objective of export led growth by facilitatingabout crores.inflow of FDI in the country. Secondly our Northernand Central States are far behind the coastal StatesCurrent investment and employmentregarding industrial units as well as investment India has approved 513 SEZ till date out ofincluding domestic and FDI, and here SEZs play a which 250 have been notified. It is expected thatcrucial role in reversing this trend of economic expected investment will cross US$45.73 billionslugging.Dec 2009 generating incremental employment toBenefits derived from the SEZ s can be800, 000 lakh people. Further during the last threemeasured in terms of investment, employment,months, investment is expected to cross US $ 3.65exports and infrastructural developmentbillion by various firms. At present around nearlyadditionally generated. The benefit derived from the18.52 billion have been invested in SEZs, generatingmultiplier effect of the investment and additionalemployment for around 350,000people as pereconomic activity in the SEZ and the employmentstatistics from the government SEZ site.generated will outweigh the tax exemption and theYearValue (Rs. Crore)Growth rate (Overperson year)2003-04 13,854 39%2004-05 18,314 32%2005-06 22,840 25%19January-March-2010
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centers etc on commercial lines.<strong>For</strong>eign investment permitted to developtownship within the SEZ with residentialareas, markets, play grounds, clubs, recreationcenters etc.Develop Standard Design Factory (SDF)building in exiting Special Economic Zones.Income Tax exemption to Investor's in SEZ'sunder section 10(23) G of Income Tax Act.e-tracklosses an account of land acquisition The tablehighlights the exports from the functioning of SEZduring the four years.Table : 1 ExportExemption from Service Tax Investment 2006-07 34,615 52%made by individuals etc.2007-08 66,638 92%In SEZ company also eligible for exemptionu/s 88 of IT Act.Source : www.sezindia.nic.in.ExportsDevelopments promoted to transfer Exports from the SEZ during 2004-05 haveinfrastructure facility for operations and registered a growth of 32% in rupee terms over themaintenance u/s 80 –I-A of IT Act. previous year .Exports during 2005-06 were 22, 840Generation, Transmission and Distribution of crore as compared to RS. 18, 314 crores during thePower in SEZs allowed.corresponding period of last year. At present , 1948Benefits of SEZunit during the operating in the year SPZsproviding directly in the year SEZs providingIndian SEZ is considered as catalyst fordirect employment to about 1.10 lakhs personstransforming our planned economy into a marketabout 40%^ are women .Private investment byeconomy which has two facets. Firstly, SEZ fulfillsentrepreneurs for establishing units in the SEZs arethe objective of export led growth by facilitatingabout crores.inflow of FDI in the country. Secondly our Northernand Central States are far behind the coastal StatesCurrent investment and employmentregarding industrial units as well as investment India has approved 513 SEZ till date out ofincluding domestic and FDI, and here SEZs play a which 250 have been notified. It is expected thatcrucial role in reversing this trend of economic expected investment will cross US$45.73 billionslugging.Dec 2009 generating incremental employment toBenefits derived from the SEZ s can be800, 000 lakh people. Further during the last threemeasured in terms of investment, employment,months, investment is expected to cross US $ 3.65exports and infrastructural developmentbillion by various firms. At present around nearlyadditionally generated. The benefit derived from the18.52 billion have been invested in SEZs, generatingmultiplier effect of the investment and additionalemployment for around 350,000people as pereconomic activity in the SEZ and the employmentstatistics from the government SEZ site.generated will outweigh the tax exemption and theYearValue (Rs. Crore)<strong>Growth</strong> rate (Overperson year)2003-04 13,854 39%2004-05 18,314 32%2005-06 22,840 25%19January-March-2010
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