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Navi Mumbai SEZ gets more time from Commerce Ministry

Navi Mumbai SEZ, or the special economic zone developer of the satellite city, gets extension from commerce ministry.

Navi Mumbai SEZ has received a nod on the extension of from commerce ministry. The special economic zone developer, who planned 8 projects in Maharashtra, are dealing with some regulatory and operational issues, due to Maharashtra government’s failure of state SEZ Act enactment.

As a result, entrepreneurs are not showing their willingness to develop units in the zones because of the lack of legislation.

Earlier, the government of Maharashtra was seeking more time from the Commerce Secretary Rita Teaotia led BoA (Board of Approval) to crease out the shortcomings faced by Navi Mumbai SEZ Ltd. (NMSEZ). Apparently, BoA is the apex administrative body on SEZ related matters.

As per the minutes of the meeting held on September 18, BoA gave its affirmation to NMSEZ by confirming “approved extension” of 3 months. Meanwhile, City and Industrial Development Corporation (CIDCO) and NMSEZ are already working on resolving the regulatory and operational issues, as stated by Navi Mumbai SEZ Development Commissioner. However, CIDCO stated that the issue is now referred to Advocate General for legal advice, that may require some more time.

Among the eight zones, 4 are from IT/ITes, 2 from multi-services, 1 from multi-product and 1 from gems & jewellery sectors. While a SEZ is developed as export hubs and considered as a foreign territory for trade operations and duties.

SEZs export activities have surged from 12 percent to Rs 5.24 lakh crore in 2016-17.

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