The Government is working on a new SEZ revamp to make these zones more productive and industry-friendly, sources told NDTV Profit. This will enable smoother movement of goods between SEZs and the domestic market, cut costs and speed up production in these regions.
This move by the government gathers pace amid global uncertainties, tariff headwinds and urge to boost diversified exports.
The Government is considering making available spare SEZ capacity to domestic firms, people in the know told NDTV Profit.
The rules will come as tweaks to existing SEZ Act and will be released closer to the upcoming Budget in February.
Sources also confirmed that inter-ministerial talks are ongoing. These ongoing talks also include rationalising custom duties on SEZ sales within India.
In addition to this the companies would likely be allowed to pay for SEZ services in Indian Rupee.
Commerce Minister Piyush Goyal has said SEZ reforms meant to reduce import dependence on China and ASEAN nations.
(This is a developing story.)
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