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Business EconomyPosted at: Nov 19 2018 6:18PM


Prabhu meets members of committee to review SEZ Policy

New Delhi, Nov 19 (UNI) Commerce and Industry Minister Suresh Prabhu had a meeting on Monday with the members of the group comprising industry representatives, experts and government officials constituted to review the SEZ Policy and took their inputs and suggestions for improving existing policy and accelerate India's growth towards a USD 5 trillion economy.

The Baba Kalyani led committee constituted by the Ministry of Commerce and Industry, to study the existing SEZ policy of India, will evaluate the policy and make it WTO compatible.
The Committee will suggest measures for maximising utilisation of vacant land in SEZs, suggest changes in the SEZ policy based on international experience and merge the SEZ policy with other Government schemes including coastal economic zones, Delhi-Mumbai industrial corridor, national industrial manufacturing zones and food and textiles parks.
While submitting the report to the Commerce Minister, Baba Kalyani, Chairman, Bharat Forge Ltd, said that if India was going to become a USD 5 trillion economy by 2025 then the current environment of manufacturing competitiveness and services has to undergo a basic paradigm shift.
The success seen by services sector like IT and ITES has to be promoted in other services sector like health care, financial services, legal, repair and design services, he added.
The government has set a target of creating 100 million jobs and achieving 25 per cent of GDP from the manufacturing sector by 2022, as part of its flagship ‘Make in India’ programme.
Furthermore, the Government plans to increase manufacturing value to USD 1.2 trillion by 2025.
While these are ambitious plans to propel India into a growth trajectory, it requires evaluation of existing policy frameworks to catalyse manufacturing sector growth. At the same time, policy needs to be compiled with the relevant WTO regulations.
Mr Prabhu lauded the suggestions of the committee and said the Commerce Ministry will immediately begin formal consultations with the Finance Ministry and other Ministries so that implementation of the committee’s recommendations may be done without any delay, according to a release here.
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