Govt to review SEZs, all FTAs

The Centre is studying Special Economic Zones (SEZs) in the country and all the Free Trade Agreements (FTAs) with other nations to analyse the benefits they have given to the Indian economy, Commerce and Industry Minister Nirmala Sitharaman said on Saturday. 

‘I have instructed my ministry officials to look at all FTAs and decide individually on whether they are useful or not and decide on changes... I have also instructed officials to do a complete review of SEZs and why they have not worked. We are going to review and rework SEZs,’ she told reporters here.

She also said that traders and stakeholders have raised concerns about certain provisions in the new Companies Act. ‘Next Saturday in Delhi, we are holding a consultation with all stakeholders to look into the provisions.’ On the government’s stand on retail FDI, she said, ‘Our stand on the issue is clear. FDI in multi-brand retail is not welcome at the moment.’

On the controversy triggered by the recent IB report on NGOs, she said, “It is a report generated by the previous government. The BJP has not initiated this. We will check the authenticity of this report and look into the issue.’ The report noted that funding of several non-governmental organisations (NGOs) was ‘cleverly disguised’ as donations for issues like human rights and, instead, used for funding protests to stall developmental projects.  About the fishermen issue with Sri Lanka and recent arrests made by its Navy,she said, ‘We are constructively working for a long term solution to the issue.

To a query on the nature of the Union Budget which the Government is presently working on, she said, ‘It will be a very inspiring Budget — a Budget that will give a message for sentiments to be revived, a Budget that will send the right signals and for growth and business to improve.’ 

Sitharaman was here to meet delegates of trade bodies like Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (Ficci) ahead of the Budget.

On the power shortage factor affecting manufacturing activities, Sitharaman said, ‘We are putting all our efforts and giving top priority to the energy sector. Power Minister Piyush Goel is putting all efforts to resolve the crisis in Tamil Nadu and Delhi and whether it is thermal, hydro or solar power... 

we will come up with a resolution soon.