Construction Industry News
Global institutional investors and developers of Special Economic Zones (SEZs) are increasingly concerned about the delay in implementation of the Development of Enterprises and Services Hub Bill, 2022 (DESH Bill) and are seeking to expedite its implementation.
The DESH Act, intended to help generate more employment and revenues, in addition to preventing migration of key business functions to other countries, including China and the Philippines, was entered into the Union's budget this year but has not yet been implemented laid.
Institutional investors with exposure to SEZs and real estate developers have held multiple meetings with the central government in this regard, particularly the Department of Trade and Industry, and made presentations to address the ministry's concerns about revenue loss.
The DESH bill or changes to SEZ rules will allow domestic companies to operate from these economic centers. Lack of clarity on the final implementation of the bill has delayed effective developments in SEZs, leading to a gross underutilization of space.
“A paradigm shift is needed in the way business is conducted for the service units, which may result from the implementation of recommendations from the Baba Kalyani committee assembled for the SEZ review. Changes, such as the coexistence of export-oriented and domestic business units within common premises, will represent a definitive breakthrough for India,” said Sigrid Zialcita, chief executive officer, Asia Pacific Real Assets Association (APREA).
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