Commerce and Industry Minister Piyush Goyal informed that The Board of Approval on Special Economic Zones (SEZs) has approved 101 cases of de-notification between April 1, 2008 February 29, 2020 on the request of SEZ private developers which include poor market response, lack of space demand; a change in the fiscal regime for SEZs. The denotified approval is subject to the refund of all obligations and tax credits obtained by SEZ Private Developers and on receipt of no-objection from the concerned State Governments. Under the Chairmanship of Baba Kalyani the chairman of Bharat Forge the government formed a committee to study the SEZ Policy of India on 04.06.2018. Several recommendations of the committee have already been implemented. About SEZ: It is an area within the country which has more liberal economic laws than the country’s domestic economic law to expand the Foreign Direct Investment (FDI). SEZ in India is under the ministry of commerce & industry.
