road ahead
...e SEZ policy also provides enterprises and developers with a favourable and attractive framework of incentives: 1. 100% income tax exemption for a block of five years and an additional 50% tax exemption for two years thereafter. 2. 100% FDI in the manufacturing sector permitted through automatic route, barring a few sectors. 3. External commercial borrowings by SEZ units up to US$500 million in a year without any maturity restrictions through recognized banking channels. 4. Facility to retain 100% foreign exchange receipts in Exchange Earners’ Foreign Currency Account. 5. 100% FDI permitted to SEZ franchisee in providing basic telephone services in SEZs. 6. No cap on foreign investment for small scale sector reserved items. 7. Exemption from industrial licensing requirements for items reserved for the SSI sector. 8. No import license requirements 9. Exemption from customs duties on import of capital goods, raw materials, consumables, spares etc 10. Exemption from Central Excise duties on procurement of capital goods, raw materials, consumable spares etc., from the domestic market. 11. No routine examinations by Customs for export and import cargo. 12. Exemption from Central Sales Tax and Service Tax 13. Facilities to set up off-shore banking units in SEZs. A Road Ahead………. Goa has got rich natural as well as human resource — minerals, water, port, power, high literacy rate and English language proficiency. Special Economic Zone in Goa can tap the latent potential which never has been utilized. The major chunk of population don’t prefer to go to outside goa for better prospects rather they prefer to be in Goa irrespective of their capabilities. So by setting up specific knowledge based industry the potential of educated people can be used and also can provide them better opportunities. It will make other people to come and work with Goans which will really make it a Cosmopolitan state. No place can thrive in isolation, if it intends to contend with international competition. The revenue from mining - presently Goa's main economic activity - will be limited to two decades. It is imperative that Goa becomes financially viable well before that, if it is to survive and grow and meet the legitimate aspirations of its people. Obviously when talking about setting up industries in Goa we have to consider the impact on environment, wh...