Par clears bill to permit trusts to set up SEZs

Par clears bill to permit trusts to set up SEZs

Agency News

New Delhi, June 27: A Bill that allows trusts to set up Special economic zones was on Thursday cleared by Parliament with the Rajya Sabha passing it by a voice vote.

The Special Economic Zones (amendment) Bill, 2019, moved for consideration of the House by Commerce Minister Piyush Goyal, was passed by a voice vote, after the House negated statutory resolution moved by Elamaram Kareem of the CPM against the Ordinance on the bill.

With the Rajya Sabha approving the Bill, it has now received clearance of parliament. It was passed by the Lok Sabha on Wednesday.

Earlier, replying to the debate on the Bill, Commerce and Industries Minister Piyush Goyal, seeking to defend the Government taking the Ordinance route for the Bill, said that most of the previous Parliament sessions were lost due to disruptions which is what necessitated the Ordinance so as to not lose investments.

‘’Public interest should not have to wait. Hence the Ordinances,’’he said.

He said that the ordinance route was taken so as to not lose investment opportunities for two months.

The Minister said that after 2010-11 unstable policies from the government brought in a lot of stress in the SEZ sector and a lot of investors lost interest due to the withdrawal of income tax benefits.

‘’That explains the lot of unused land, ‘’he said.

The Minister said that the SEBI had brought out detailed guidelines of SEZ investment and the UPA supported by Communists and Trinamool brought in the guidelines into law. (UNI)