Market Ticker

Translate

Thursday, January 7, 2010

Centre to decide on new SEZs on Feb 8

The Centre will take up fresh applications for special economic zones (SEZs) on February 8 even as more and more developers are seeking extra time to execute their projects due to slackening demand for commercial space.

"The Board of Approval (BoA) headed by Commerce Secretary Rahul Khullar will consider proposals for setting up of SEZs on February 8," a government official said.

The 19-member inter-ministerial BoA would also take up other miscellaneous requests by developers besides procedural issues, he added.

Last meeting of the inter-ministerial BoA was held in December 2009.

The zeal at which companies were approaching the Commerce Ministry to get approvals for setting up SEZs in 2008, disappeared in the following year due to the slackening demand for commercial spaces in wake of global credit squeeze which led to depressed economic activities.

About 90 developers, including biggies like Reliance, Infosys, Jindal Stainless Steel and Wipro have either approached or already been granted extension for one year to execute their projects.

The new direct tax code that would lead to overhaul of the Income Tax Act, has also created uncertainty among the developers and units in the SEZs over continuation of the tax sops.

No comments:

Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Wednesday, Jun 25
19:30 New Home Sales Change (MoM) 2 -13.7% 9.6% Revised from 10.9%
19:30 New Home Sales (MoM) 1 0.623M 0.690M 0.722M Revised from 0.743M
19:30 Fed's Chair Powell testifies 3
20:00 EIA Crude Oil Stocks Change 1 -5.836M -0.600M -11.473M
22:30 5-Year Note Auction 1 3.879% 4.071%
Thursday, Jun 26
14:00 BoE's Breeden speech 2
15:15 BoE's Greene speech 2
16:30 BoE's Governor Bailey speech 3
18:00 Chicago Fed National Activity Index 1 -0.25
18:00 Initial Jobless Claims 2 245K 245K
Economic Calendar >> Add to your site

Best Mutual Funds

Recent Posts

Search This Blog

IPO's Calendar

Market Screener

NSE BSE Tiker

Custom Pivot Calculator

Popular Posts

Market & MF Screener