Aerospace Precision Engineering And Manufacturing Sez In Belgaum
As everybody knows, Special economic zones (SEZs) are geographical regions within
a nation where the economic and financial laws are more free-market-oriented. In SEZs, the laws enforced in other parts of the nation are either suspended or relaxed. For instance, the special economic zone in India enjoy
* 100% foreign direct investment in manufacturing sector
* 15 year corporate tax holiday on export profit 100% for initial 5 years, 50% for the next 5 years and up to 50% for the balance 5 years
* Tax shelter on losses incurred in the initial years up to 8 years
* Exemption from Excise duty on capital goods, raw materials, and consumable spares, etc. brought from the domestic market
* Exemption of Capital gain on transfer of asset in case of shifting of Industrial Undertaking from Urban Area to SEZ
* Exemption from customs duty
* Exemption from Minimum Alternate Tax
* Exemption from Securities Transaction Act
* Exemption from Dividend Distribution Ta
* Exemption from Central Sales Tax (CST)
* Exemption from Service Tax
SEZs have been created to increase export of goods and services, promote investment from domestic and foreign investors, generate additional economic opportunities, create employment opportunities, and develop infrastructure facilities. Lets see what a SEZ is like by taking a look at the
special economic zone in Karnataka.
The SEZ in the city of Belgaum is the development center for developing the aerospace precision machining and manufacturing engineering supply chain ecosystem. Offering complete design to build services, this SEZ offers all round support for the
Aerospace Engineering sector, right from concept design to the finished product. Since it is Karnatakas first Aerospace Precision Engineering and Manufacturing SEZ, it has been attracting significant Foreign Direct Investments into India.
Belgaum is a strong industrial hub for precision machining and foundry operations for several automotive and industrial facilities. The reasons behind selecting the city of Belgaum as an Aerospace Precision Engineering and Manufacturing SEZ are the presence of more than 100 foundries and 150 machine shops, the availability of skilled labor at competitive prices and its easy access to major commercial hubs like Bangalore, Mumbai and Hyderabad (300 miles approx.).
SEZ Belgaum Benefits
* Employee augmentation or technical support
* International standard landscaping with nearly 15,000 trees
* Good landscape with large amphitheatre that is visible and accessible from across the entire campus
* Rainwater harvesting
* Water treatment and sewage treatment plant
* Additional consultancy services in the form of turnkey solutions to set up greenfield projects in the area of precision engineering and manufacturing
* Incubation facilities to customers, until their units in the Zone are ready
by: Gladeyas
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