× #1 Viksit Bharat @ 2047: Economic Roadmap and Challenges #2 Re-evaluating India’s GDP Calculation Methodology and Base Year #3 Capital Expenditure (Capex) as a Driver of Economic Growth #4 The Persistent Challenge of “Jobless Growth” in India #5 Rationalization of the GST Regime and Inclusion of Excluded Items #6 The National Monetisation Pipeline (NMP): Progress, Hurdles, and Economic Impact #7 Fiscal Consolidation Path and Review of the FRBM Act #8 Production Linked Incentive (PLI) Scheme: Sectoral Impact and Employment Generation #9 Introduction To boost manufacturing, reduce import dependency, and make India an integral part of global supply chains, the Government of India launched the Production Linked Incentive (PLI) Scheme in #10 The Gig Economy: Growth, Opportunities, and the Need for Social Security #11 PM Gati Shakti National Master Plan: Integrating Infrastructure and Logistics #12 Revitalizing Public-Private Partnership (PPP) Models for Infrastructure #13 India’s Semiconductor Mission: Building a Resilient Electronics Supply Chain #14 Strategic Disinvestment Policy: Rationale, Progress, and Criticisms #15 Central Bank Digital Currency (CBDC): The Future of the Indian Rupee #16 Free Trade Agreements (FTAs): Opportunities, Risks, and Impact on Domestic Industry #17 Corporate Debt Market Deepening and the Role of the Corporate Debt Market Development Fund #18 The Challenge of Rising Regional Economic Disparities #19 Ease of Doing Business: From Global Rankings to Ground-Level Reforms #20 India’s Energy Transition: Economic Costs and Opportunities #21 Inflation Targeting and the Monetary Policy Committee (MPC): An Evaluation #22 Role of NITI Aayog in Cooperative and Competitive Federalism #23 Reforming the Special Economic Zone (SEZ) Act (DESH Bill) #24 Tackling Inequality: Wealth and Consumption Disparities #25 National Logistics Policy: Reducing Costs and Improving Efficiency #26 The Role of Monetary Policy in Controlling Inflation #27 How Fiscal Policy Impacts Economic Growth and Stability #28 The Effect of Public Debt on National Economies #29 The Influence of Interest Rates on Investment and Consumption #30 Global Economic Trends: How AI and Emerging Markets Shape Growth #31 Analyzing the Economic Impact of War and Conflict on National Economies #32 National Income #33 sectors of economy #34 circular flow of income #35 Demand #36 Supply #37 Five-Year Plans of India: Steering the Nation’s Economic Development #38 Consumer Equilibrium: Understanding Optimal Consumer Choice in Economics #39 Budget: A Comprehensive Economic Blueprint for Planning and Progress #40 Inflation: Understanding the Rise in Prices and Its Economic Impact #41 Money Aggregates: Understanding the Different Measures of Money Supply #42 Brain Drain: Understanding the Loss of Talent and Its Impact on National Growth #43 The impact of international trade agreements on export competitiveness and market access. #44 Assessing the effects of foreign aid on economic development in recipient countries. #45 Effects of gig economy on labor markets. #46 Evolving landscape of international trade in the post-COVID era. #47 Banking: The Backbone of Economic Development #48 Understanding the Business Cycle: Phases, Causes, and Implications #49 Understanding the Balance of Payments: Components, Importance, and Economic Impact #50 Understanding Stagflation: Causes, Effects, and Policy Challenges #51 Cryptocurrency and the Future of Money #52 Stock Market Volatility and Investor Behavior #53 Interest Rate Changes and Their Ripple Effects #54 Crowdfunding and Alternative Investment Models #55 Financial Inclusion through Digital Platforms #56 Poverty Alleviation Programs: Successes and Shortcomings #57 Income Inequality and Redistribution Mechanisms #58 Role of Education and Health in Human Capital Development #59 The Informal Economy: Size, Benefits, and Challenges #60 Gender Economics: Women in Labor Markets #61 Universal Basic Income (UBI): Can It Work? #62 ESG Investing and Sustainable Finance: Redefining Capitalism #63 Venture Capital and Startup Ecosystems: Fueling the New Age of Entrepreneurship #64 Inflation-Indexed Bonds and Their Relevance: A Safe Haven in Volatile Time #65 Sovereign Wealth Funds and Global Influence: Power Beyond Borders #66 Shadow Banking: An Unregulated Threat or Financial Innovation? #67 Microfinance and Poverty Reduction: Real Impact or Illusion?

INDIAN ECONOMY

Introduction

India’s Special Economic Zones (SEZs) were introduced through the SEZ Act of 2005 to boost exports, attract foreign investment, and generate employment. However, over time, SEZs struggled with challenges like tax uncertainties, under-utilisation, and non-compliance with WTO norms.

To address these shortcomings, the Indian government proposed the DESH Bill (Development of Enterprise and Service Hubs) as a modern, investor-friendly replacement for the SEZ framework. The DESH Bill is part of India’s larger plan to position itself as a global hub for manufacturing and services under the “Make in India” and “Atmanirbhar Bharat” initiatives.


Background: Why the SEZ Act Needed Reform

1. WTO Incompatibility

India’s export-linked tax incentives in SEZs were challenged by the World Trade Organization (WTO) in 2019 for violating the Agreement on Subsidies and Countervailing Measures (ASCM). This meant India had to phase out export subsidies.

2. Sunset Clause on Tax Incentives

The income tax exemptions under Section 10AA were gradually phased out, diminishing SEZ attractiveness for investors. New SEZs after 2020 could not avail full tax benefits.

3. Domestic Market Restrictions

Units in SEZs faced hurdles in selling goods in the Domestic Tariff Area (DTA), requiring high import duties and permissions, which led to under-utilised land and infrastructure.

4. Procedural Bottlenecks

Cumbersome compliance procedures, rigid zone classifications, and centralised regulation made the SEZ model less agile compared to modern global economic zones.


What is the DESH Bill?

The DESH Bill (proposed in 2022, pending enactment) seeks to revamp the SEZ regime with a more liberal, WTO-compliant framework. The goal is to create multipurpose economic hubs that can serve domestic as well as export markets.


Key Features of the DESH Bill

1. Development of Enterprise and Service Hubs

DESH zones can now include manufacturing, services, and commercial activities, offering flexibility beyond export-oriented production.

2. WTO-Compliant Incentives

Tax benefits under DESH are expected to be linked to production and employment, instead of direct export performance — aligning with WTO norms.

3. Open Access to Domestic Markets

DESH units can sell in the domestic market by paying applicable customs duties only on imported inputs. This opens up demand opportunities and prevents wastage of capacity.

4. State-Level Empowerment

Unlike the SEZ Act, the DESH Bill allows states to play a larger role by developing and notifying zones. This boosts cooperative federalism and localized economic growth.

5. Ease of Compliance and Digital Governance

The bill proposes a single-window clearance system, unified return filings, and digitized customs clearances — in line with Ease of Doing Business (EoDB) goals.

6. Integration of Services and GIFT City Model

The DESH Bill accommodates service-sector hubs, including fintech, BPOs, R&D centers, and logistics. The framework may integrate with India’s GIFT City, promoting financial innovation zones.


How DESH Bill Aims to Solve SEZ Challenges

From Export-Only to Demand-Driven Model

Instead of being export-exclusive, DESH zones allow domestic sales, which helps developers use existing capacity, reduce inventory waste, and improve overall productivity.

Investor Confidence through Predictability

By removing tax-linked export conditions and moving toward production-linked incentives (PLI), the DESH model gives investors greater legal and tax certainty.

Employment and MSME Inclusion

The new hubs are expected to encourage MSME participation, with simplified entry requirements and fiscal benefits for job creation, especially in Tier 2 and 3 cities.

Environmental and Social Governance (ESG)

The DESH Bill incorporates provisions for sustainability and social audits, ensuring that new zones are inclusive, green, and responsible in operation.


Potential Economic Impact

  • Increased FDI inflows due to a friendlier business environment.

  • Job creation in emerging sectors like fintech, green energy, logistics, and deep-tech.

  • Better land utilisation of existing under-performing SEZs.

  • Balanced regional development through state-led hubs.


Concerns and Criticisms

1. Legislative Delay

The DESH Bill is still pending approval in Parliament. Uncertainty about its final shape may delay investments and policy adoption.

2. Loss of Tax Arbitrage

With tax breaks tied to production/employment instead of exports, some large exporters may lose incentives, making them reconsider their expansion plans.

3. Implementation Hurdles

States may face capacity constraints in managing complex zones, requiring technical support and governance reforms.

4. Overlap with Other Schemes

India already has Industrial Corridors, Textile Parks, PLI schemes, and GIFT City. Critics argue that the DESH model must integrate rather than duplicate existing initiatives.


The Way Forward

Clarity on Taxation

The Finance Ministry must issue clear guidelines on duty drawback, GST treatment, and incentives to prevent legal disputes and ambiguity for DESH zone units.

Strong State-Centre Partnership

Success of DESH will depend on how effectively states can plan, execute, and manage the hubs with technical and financial support from the Centre.

Digital First Compliance

Digital integration across customs, DGFT, GSTN, and SEZ online platforms is critical to reduce transaction costs and corruption.

Sustainability-Linked Metrics

The DESH regime should reward green practices like energy efficiency, recycling, and local employment to align with India’s net-zero goals.


Conclusion

The DESH Bill marks a strategic reset in India’s special economic zone policy — shifting focus from export-linked tax sops to a holistic, globally compliant enterprise model. By making zones inclusive of services, domestic sales, and state-level governance, DESH promises to be more flexible, modern, and investment-friendly than its predecessor.

While execution challenges remain, the DESH Bill reflects India’s aspiration to blend economic liberalism with sustainability and federal cooperation. If implemented well, it could become a key pillar in making India a global hub for both services and manufacturing in the coming decade.