Home / Knowledge / News / EOU/SEZ Sector accelerates pace of economic growth
EOU/SEZ Sector accelerates pace of economic growth
11
Jan '08
Shri Kamal Nath, Minister for Commerce and Industry, has stated that the EOU/SEZ Sector is playing a very important role in encouraging manufacturing activity, providing substantial employment opportunities, thereby accelerating the pace of economic growth.

The units set up under these schemes are already providing direct employment to over 6.5 lakh people. He was speaking at the Export Awards function, organised by the Export Promotion Council for EOUs and SEZ Units (EPCES), here last evening.

Shri R. Gopalan, Additional Secretary, Department of Commerce; Shri R.S. Gujral, Director General of Foreign Trade (DGFT); Shri T. Vasu, Chairman, EPCES and Shri L.B. Singhal, Director General of EPCES, apart from Development Commissioners of various EPZs and SEZs were present on the occasion.

As regards Sunset Clause, the Minister said: “I am aware of the need of the removal of the Sunset Clause under Section 10B of the Income Tax Act, so that EOUs continue to avail the exemption from income tax, especially at this juncture when all the exporters have been hit badly on account of rupee appreciation. I have taken up the issue with Prime Minister as well as Finance Minister”.

The Minister observed that SEZ units and developers are facing certain problems in the context of Service Tax, benefit of DEPB/Duty Drawback on supplies to SEZ Developers, interpretation of Section 10AA of the Income Tax Act etc.

“We are working on these issues and hopefully will be able to resolve these suitably. There are certain issues related to State Governments as well like implementation of Single Window Mechanism, Exemption from Stamp Duty etc.


Must ReadView All

Ghana makes tax stamp compulsory on imported textiles

Textiles | On 27th May 2018

Ghana makes tax stamp compulsory on imported textiles

To curb illegal imports, Ghanaian authorities will put a tax stamp on ...

Courtesy: Vishal Mega Mart

Apparel/Garments | On 27th May 2018

Partners Group, Kedaara Capital taking over VMM

Partners Group, a private markets investment manager, and Kedaara...

Courtesy: Deckers

Apparel/Garments | On 27th May 2018

Deckers Brands sales soar 8.4% in Q4FY18

Deckers Brands, a global leader in designing, marketing and...

Interviews View All

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Urmil Arya

Sushila International, a well established textile organisation established ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search