SEZ amendment Bill passed in LS

SEZ amendment Bill passed in LS

Agency News

New Delhi, Jun 26 : A bill which seeks to allow trusts and entities to set up units in special economic zones (SEZs) was passed in the Lok Sabha by voice vote on Wednesday.

The Special Economic Zones (Amendment) Bill, 2019 replaces the Special economic Zones (Amendment) Ordinance, 2019.

Replying after the discussion on the Bill, Commerce and Industry Minister Piyush Goyal said the President has been vested with powers to promulgate an Ordinance after assessing its merits.

Referring to slogan of the PM’s ‘Sabka saath, sabka vishwas’ slogan, the Minister said the Vishwas (‘trust’) element is in the draft. He blamed the then Congress government in 2011-12 for withdrawing the Concessions given by the Vajpayee government for SEZs.

The Minister while referring to Baba Kalyani committee report said the Government have considered three recommendations and five can be done by administrative orders.

Earlier, the Minister while moving the Bill for consideration and passing said inclusion of trusts into the Special Economic Zones will attract more domestic and international investments in the country.

Mr Goyal said the Bill seeks to allow trusts and other entities to set up units in SEZs.
He said the purpose of the bringing the Bill is to include trusts into SEZs so that domestic and international companies get a chance to invest in the country. After the amendment of sub-section (v) of section 2 of the Special Economic Zones 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 Special Economic Zones.

The Bill amends Special Economic Zones Act, 2005, which was enacted to provide for the establishment, development and management of the SEZs for the promotion of exports.

The statutory resolution of RSP member NK Premachandran, who opposed the Special Economic Zones (Amendment) Ordinance, 2019 promulgated by the President on March 2, was rejected by the House. (UNI)