&w=3840&q=100)
Govt clears SEZ proposals of Micron, Aequs for chip, electronics units
Micron will establish its SEZ facility in Sanand, Gujarat, over an area of 37.64 hectares with an estimated investment of Rs 13,000 crore, while Aequs will establish its SEZ in Dharwad, Karnataka, over an area of 11.55 hectares to manufacture electronics components with an estimated investment of Rs 100 crore.
The decision followed the easing of certain SEZ (special economic zone) rules to promote the manufacturing of semiconductors and electronics components.
"Subsequently, the Board of Approval for SEZs has accorded approval to the proposals received from Micron Semiconductor Technology India Pvt Ltd (MSTI) and Hubballi Durable Goods Cluster Private Ltd (Aequs Group) for setting up SEZs for manufacturing of semiconductors and electronic components, respectively," the commerce ministry said in a statement.
Since manufacturing in these sectors is highly capital intensive, import dependent and involves longer gestation periods before turning profitable, rule amendments have been carried out to promote pioneering investments and boost manufacturing in these high technology sectors, it said.
As per a change in the rule, an SEZ set up exclusively for the manufacturing of semiconductors or electronic components will require a minimum contiguous land area of only 10 hectares, reduced from the earlier requirement of 50 hectares.
Now, the value of goods received and supplied on a free-of-cost basis will be included in Net Foreign Exchange (NFE) calculations.
"Moreover, amendments have been made in Rule 18 of the SEZ Rules to allow SEZ units in the semiconductor as well as electronics component manufacturing sector to also supply domestically into the Domestic Tariff area after payment of applicable duties," it added.
The amendments will boost high-tech manufacturing in the country, spur the growth of the semiconductor manufacturing ecosystem and create high-skilled jobs in the country, it added.
These amendments have been notified by the Department of Commerce on June 3 2025.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
35 minutes ago
- India Today
Pakistan extends airspace ban on Indian flights for another month
Pakistan on Wednesday extended its airspace ban on Indian aircraft until September 23. The Pakistan Airports Authority (PAA) issued a fresh NOTAM (Notice to Airmen) announcing the one-month extension, covering both civilian and military aircraft that are Indian-owned, operated, or leased."All aircraft operated by Indian airlines will not be allowed to use Pakistani airspace. The ban also remains in place for military and civilian aircraft that are Indian-owned or leased," the authority airspace closure was first imposed on April 23 for one month following the Pahalgam terror attack in Jammu and Kashmir, which killed 26 people. The initial ban barred Indian carriers from flying over Pakistan. India responded on April 30 with a reciprocal airspace closure for Pakistani aircraft, starting a series of tit-for-tat restrictions. The ban was first extended on May 23. In July, Pakistan further extended the closure until August 24, affecting hundreds of flights LOSES RS 1,240 CRORE IN AIRSPACE BANThe prolonged closure has hit Pakistan's aviation sector hard. According to Dawn, citing the Defence Ministry, the Pakistan Airports Authority lost over Rs 1,240 crore (PKR 4.1 billion) in just two months. The loss stemmed from transit charges as 100-150 Indian aircraft fly daily, cutting Pakistan's overflight traffic by almost 20 per Defence Minister Khawaja Mohammad Asif confirmed that the ban had caused significant revenue losses. "The closure has impacted our overflying charges and transit traffic severely," he restrictions have created major challenges for airlines, forcing longer routes that burn more fuel and stretch flight times. Carriers have also struggled with crew rotations and scheduling headaches, all of which are driving up operating costs.- EndsWith inputs from agenciesMust Watch
Time of India
37 minutes ago
- Time of India
Thiruvananthapuram South railway station upgrade gains momentum
Thiruvananthapuram: The redevelopment of Thiruvananthapuram South railway station (formerly Nemom) has entered a crucial phase, with nearly 60% of the sanctioned work complete. Tired of too many ads? go ad free now The project includes a modern coaching terminal and track doubling, both key to easing congestion at Thiruvananthapuram Central. According to railway sources, the modern station building's foundation is already 70% complete. "Platform shelters on the freshly constructed platforms 2 and 3 are now fully complete, while the shelters for platform 4 are about 75% finished. Construction is progressing steadily on the subway that will connect all platforms. At the coaching terminal, which will house facilities for parking and maintenance of trains, core earthworks and pit-line construction are nearly complete. Track doubling is set to be finished first, while the terminal itself is scheduled for commissioning by the end of 2026. The Union railway ministry has given the project high priority. Once complete, the station will function as a satellite hub, shifting a significant share of maintenance, stabling and operational load away from the overcrowded Central station. The upgraded plan now includes four platforms, two extra pit-lines, four stabling lines and a repair shed, offering facilities comparable to Central. During a Feb 2025 review visit, Union minister of state for railways V Somanna expanded the project's scope, reaffirming its importance in meeting the capital's long-term rail demands. The project, estimated to cost Rs 117 crore, is being built on railway-owned land, ensuring faster execution. Tired of too many ads? go ad free now Accessibility is also being addressed. A new approach road from the Karamana–Kaliyikkavila state highway has been cleared, with 1.84 acres sanctioned by the state govt. This is crucial since the current road is too narrow to handle expected traffic growth. The Union home ministry has also approved renaming Nemom station to Thiruvananthapuram South, aligning with efforts to streamline rail operations and station identities. Railway officials have stressed that the new terminal will be central to decongesting Thiruvananthapuram Central, enabling smoother train operations, better stabling capacity, and modernized maintenance facilities. Meanwhile, Southern Railway is carrying out upgrades across the region. At Thiruvananthapuram North (Kochuveli), work on the new station building, lifts, tactile paving and shelters is nearing completion. Redevelopment is also advancing at Neyyattinkara and Thiruvananthapuram Central, with timelines stretching through 2025 and 2026.
Time of India
an hour ago
- Time of India
Cotton prices fall after India lifts import duty
1 2 Nagpur: Rates of ginned cotton fell by Rs1,100 in two days after India lifted duty on imports until Sept 30. The Cotton Corporation of India (CCI), which is offloading the processed cotton, cut prices by Rs 600 a candy (per 356kg) on Tuesday, followed by another Rs 500 cut on Wednesday. After two consecutive cuts, the rates have come down to the range of Rs55,200 to Rs56,900 a candy. CCI, which purchases cotton at the minimum support price (MSP) as part of market intervention measures when the rates are low, later sells processed candies in the open market. As the move comes amid the ongoing US tariff war, falling cotton price has left farmers worried. If the rates of processed cotton fall, farmers may fetch lower prices for raw cotton during the harvest time in October. Even a temporary dismantling of duty may impact cotton prices, admit traders. The US is sitting on a stock of 2.87million tonne and of which it plans to export nearly 2.72million tonne. Exports have just begun with 40,000 tonne cotton shipped till last week, said a source. Till August first week it has exported to Vietnam, Bangladesh, Turkey, Pakistan and Mexico. The highest exports have been to Vietnam at 25 lakh tonne. Roshan Kothari, a member of an Agriculture Produce Marketing Committee (APMC) at Wani tehsil of cotton growing Yavatmal district, said if the rates fall private ginners will have to further lower raw cotton rates. "In case the govt extends import duty benefit to consignments booked or loaded in vessels before Sept 30, a major jump in imports can be expected. This would lower the local prices during harvest time in October," he said. As the rates fall, private ginners may not be able to buy raw cotton at MSP, which is fixed at Rs8,110 a quintal. Even for CCI to profit after purchasing at MSP, the rates per candy of processed cotton must be at Rs65,000, said Kothari. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
