Govt says it’ll soon be easier to exit SEZS

The commerce ministry is trying to ease norms for Special Economic Zones (SEZS) and make it simpler for units to exit these areas, union Minister Piyush Goyal said on Thursday.

The ministry is also looking at ways for partial de-recognition of existing SEZS so that areas which have no more demand can be used for industrial or other purposes. “There are a large amount of areas lying across SEZS in the country. Now that the sunset clause (for SEZ tax incentives) has set in, probably we may not find enough traction for new people to set up units within SEZ, so we are trying to ease the system of SEZS going forward and make it easier for people to exit from the SEZ status,” the commerce and industry minister said.

He was interacting with exporters at SEEPZ (Santacruz Electronic Export Processing Zone), Mumbai.