Amend the current SEZ Act & integrate SEZs!

To integrate SEZs into the domestic market appropriately  

Recently, at the pre-budget occasion, Colin Shah, MD, Kama Jewelry said on, Expectations from the upcoming Budget 2025-26. He said, the gem and jewelry industry is one of the key contributors to the economy and a huge employment creator in the country. However, over the past two years, the industry has been facing numerous challenges and needs urgent government intervention. 

A push must be made to encourage Jewellery manufacturing in India. The Finance Minister must consider amending the current SEZ Act in order to integrate SEZs into the domestic market appropriately. The upcoming budget should also look at allowing ‘reverse job-work’, allowing SEZs to utilise their capacities more effectively. 

Hence, when exports are consistently declining, this can prove to be a timely remedy to address the issue. The budget should also consider extending tax exemptions and simplifying the tax structure for SEZ businesses. 

It should also consider streamlining customs processes for SEZ units, which will make it easier for them to export their goods. The budget should also consider establishing a framework and accordingly adjusting policies to monitor the performance of SEZs.


 

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