CII Proposes Measures to Boost India's SEZs and Exports
Special Economic Zones (SEZs) in India have proven to be a significant driver of economic growth. In 2018-19, they attracted investments worth INR 5 lakh crores, generated employment for over 21 lakh persons, and exported goods valued at INR 7 lakh crores. The Confederation of Indian Industry (CII) has proposed several measures to further boost these zones and India's export sector as a whole.
CII has suggested reducing the cost of export credit by linking the subsidy to global rates instead of the current fixed 5 percent. This move aims to make Indian exports more competitive internationally. Additionally, CII recommends extending developer incentives and tax holidays to all SEZs approved by 31 March 2017, to encourage further investment and growth.
CII also proposes prioritizing Coastal Economic Zones (CEZs) in the upcoming infrastructure spend of INR 102 lakh crores. This is in line with their recommendation to establish a National Shipping Regulatory Body to regulate shipping freight rates, ensuring fair and transparent practices. Furthermore, CII identifies key products and destinations for India's exports in its report 'Indian Exports - The Next Trajectory', providing a roadmap for targeted growth.
To strengthen India's exports, CII recommends setting up a national task force led by the Prime Minister's Office. This task force would work towards increasing foreign exchange reserves, boosting competitiveness, promoting investments, generating employment, and upgrading skills through strategic export promotion.
SEZs and exports play a crucial role in India's sustained economic growth, as seen in many fast-growing economies. CII's proposals, including reducing export credit costs, extending incentives to SEZs, prioritizing CEZs, regulating shipping rates, and establishing a national task force, aim to further boost India's export sector and drive economic progress.
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