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`Infrastructure vital for SEZs' development'

Our Bureau

NEW DELHI, March 25

THE Federation of Indian Chambers of Commerce and Industry (FICCI) in its presentation to the Government has suggested development of Special Economic Zones (SEZs) as a `country in country' primarily to tackle the problem of non-availability of world-cla ss infrastructure.

In its presentation it highlighted on dedicated power and other infrastructure to be provided to SEZs at globally prevalent rates.

Another key factor of success for SEZs would be to provide labour laws that are implemented in SEZs globally and which are productivity-linked. An attractive policy on SEZs would enable greater investments in the envisaged zones, it said.

Among other suggestions submitted to the Ministry of Commerce, FICCI has asked for continuance of the DEPB scheme in a modified version. The scheme should be revamped to allow transferability of benefits to allow remittance of local taxes such as sales t ax, octroi, turnover tax, entry tax and electricity tax.

Owing to the depressed global demand, FICCI has requested that genuine exporters be granted extension in the total export obligation period under the EPCG scheme. Apart from these suggestions, it has also sought restoration of terminal excise duty benefi ts to make `deemed exports' from domestic suppliers more attractive.