Special Economic Zone Amendment Bill Passed by Government to Set up Units

Special Economic Zone Amendment Bill Passed by Government to Set up Units

There was a special economic amendment bill passed in the 17 Lok Sabja which allow trusts to use special economic zones to set up units. It became the first legislation Bill of 2019 which is passed in the Lok Sabha. With the newly constituted government, it is a major step which will be quite helpful in improving the growth of India. Now the Bill will move towards the Rajya Sabha where it might face some difficulties as the government does not have required numbers there. You can find all the details about such laws by reading Real estate current news. This bill was approved by the Union Cabinet under the presence of Prime Minister of India, Narendra Modi.

What is the impact of the Bill on Indian Economy?

This bill has quite an impact on the economy of India as it will only provide various benefits. It will be quite helpful for the exports and will only promote the business which will provide better results for the economy of the country. This will show better economic growth to the country which in turn will provide you much more convenient results. So you can read more about these benefits by checking all the Real estate current news. 

What is the cause of Ordinance by the previous government? 

Well, the opposition raised a lot of question regarding this bill and an ordinance was passed regarding the success rate of the bill. The Special Economic Zones (Amendment) Ordinance, 2019 will be replaced by the Special Economic Zones (Amendment) Bill, 2019. Now the trusts can set up units in the special economic zone after this ordinance. There were questions like the requirement to bring the Bill back. For this Goyal said that the bill was stuck and there were no results which lead to the issue of this ordinance. You can get all the details about Government bill pass by simply searching about it on the internet.

There was a question like why the ordinance was passed even though the SEZ failed to work properly before in India. In response to these questions, he said that the previous government is responsible for the failure of the law in their governance time. Due to the tax withdrawal incentive which happened in 2011, it was one of the main reasons which lead to the failure of the SEZ bill. The benefits of this Government bill pass outnumbers any other schemes.

How it will help the people of the country?

One of the thing which is very important for any bill is to show the results and for that Goyal said that they have data to prove it. In 2014, due to the SEZ bill, the jobe has risen to more than 20 Lakh which was about 12 Lakh in 2014. Since this SEZ Government bill pass, there are more than six requests to set up SEZ. Not only that but the Central government was also backed up by Jharkhand and Punjab government.

Since 2005, there has been a lot of changes and that is why the trust is coming forward regarding their investments. The objective of the government was to make India an International Financial center. There is a GIFT city set up by the government in Gujarat which is also going to be set up in various states in some time. They are similar to the special economic zones which will be quite helpful. You can find more information about it on Real estate current news and check out the reactions of another leader to this bill.

The reaction of the Opposition to the Ordinance by the Government

Every action has an equal reaction and such is always the case with the opposition. The opposition member said that ordinance was completely out of order and this was not a great example for good governance. There was no emergency to pass an ordinance as the government could have taken proper steps to pass the bill. The question was raised regarding the people who will get the most benefits out of the SEZ bill. 

Rajiv Pratap Rudy replied that the SEZ bill only has the one goal as to boost the Indian Economy. There is no individual who gets benefits from this bill and shows concern that there are no zone setups in states like Bihar, Uttar Pradesh, and Jharkhand. According to the ruling government, the new India need these laws to be passed immediately to show instant results. You can check out all the benefits of these laws and then decide whether it is good for the Indian economy or not.