Jittered over the fate of sagging exports and dismal state of exporters, the commerce ministry has speeded up efforts to reduce procedural time taken for developing Special Economic Zones (SEZs) and to simplify procedures to get the tax-free industrial enclaves after the new government is formally sworn in.
In order to boost the tax-free industrial enclaves on a fast track basis for increasing overseas sales of Indian goods and services, the ministry will enable developers to get their land classified as an SEZ at the initial stage of approval by only submitting legal documents that prove land ownership, instead of a numerous processes earlier including a non-encumbrance certificate.
The move by the commerce ministry would ensure increased and speedy investment flows in the SEZs apart from increasing employment in the region.
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