Investors concerned over delay in DESH Bill for SEZs

28 Nov 2022 CW Team

Global institutional investors and developers of Special Economic Zones (SEZs) are getting increasingly concerned over the delay in implementation of the Development of Enterprises and Services Hub Bill, 2022 (DESH Bill) and are seeking to expedite its execution.

The DESH Bill, aimed at helping generate more employment and revenue, apart from preventing migration of key business functions to other countries including China and the Philippines, was introduced in the Union Budget this year, but has not been implemented yet.

Institutional investors with exposure to SEZs and realty developers have held multiple meetings with the Central government, especially the Ministry of Commerce and Industry, in this regard, and made presentations to allay the ministry’s apprehensions over revenue loss.

The DESH Bill or amendments to SEZ rules will allow domestic-oriented businesses to operate from these economic hubs. Lack of clarity on final implementation of the bill has delayed effective developments in SEZs, leading to gross under-utilisation of space.

“A paradigm shift in the way business is conducted for the service units is required, which can come from implementation of recommendations of the Baba Kalyani Committee constituted for the SEZ review. Modifications such as co-existence of export oriented and domestic business units within common premises will be a definitive game changer for India,” said Sigrid Zialcita, chief executive officer, Asia Pacific Real Assets Association (APREA).

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