Navi Mumbai – SEZ

Pick up any national or international newspaper, all have one thing in common that is, Navi Mumbai – SEZ. Yes, this has become the latest focus of conversation not only in India but also in majority of the Asian countries. Special Economic Zone or popularly known as SEZ is planned to be set up in India’s most advanced and populace state Maharashtra. And Navi Mumbai (or New Bombay) is the place identified for its set up. Known as the economic powerhouse of India, Maharashtra is the best place to kick start this SEZ.

Literally SEZ means "delineated duty-free enclaves that are deemed foreign territories for the purposes of trade operations, duties and tariffs". With the setting up of zones, majority units may be set-up for the manufacture of goods, provisioning of services, and other activities including processing, assembling, trading, repairing, reconditioning, making of gold/silver, platinum jewellery etc. The main USP is that the whole policy allows 100 per cent foreign direct investment ("FDI") in most manufacturing activities.

Completely backed by the Government of India, various SEZs will be set up throughout the country. Their main aim is to provide an internationally competitive and hassle-free environment for exports. Apart from that, these zones are designated duty-free enclaves, and are deemed foreign territories for the purpose of trade operations, duties and tariffs. Also the Policy offers several fiscal and regulatory incentives to developers of the SEZs as well as units within these zones.

Amazingly this project has already been kick started, and one of the largest SEZs in India has already been set-up in Navi Mumbai. City & Industrial Development Corporation of Maharashtra or "CIDCO" is the prime agency, looking after the development of the SEZ and lately significant progress has already been made. Being strategically located, the Navi Mumbai SEZ (NMSEZ) is spread over an area of around 50 square kilometers. Furthermore, it is also linked with well-developed road and rail linkages as well as one of India's largest and most modern seaports - Jawaharlal Nehru Port Trust ("JNPT").

Equally backed with world-class infrastructure and services, units can be selected between land plots, flatted factories and built-up office space. Also infrastructure is widespread in terms of convention centers, recreational facilities and social amenities. CIDCO being the co-promoter to the project, it is ensured that NMSEZ will be powerfully supported with a stringent administrative setup. This will seal the smooth implementation of the project, along with an easy access to a quasi-government body that would ultimately facilitate the interaction between NMSEZ and the Government of Maharashtra. Currently, CIDCO is in the development process of chalking out the development phasing plan. They have also proposed to finalize the development phasing plan in consultation with the prospective strategic investors.

Moreover, CIDCO also proposes to transfer land development rights in a phased manner which will be directly linked to achievement of agreed upon development milestones. In short, whole NMSEZ project is proposed to be executed through a Special Purpose Vehicle or "SPV". Thus, it won’t be wrong to say that in coming years not only Maharashtra but the whole of India will undergo an economic revolution and this will, in turn also put India on the global economic map.

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