Baddi SEZ breeds pharma winners

Initially carved out to promote investments in relatively backward areas, the Baddi SEZ is today a hub of activity. Express Pharma presents a review of the situation and few success stories Promoted by the Government of Himachal Pradesh, the Baddi-Nalagarh-Barotiwala SEZ was carved out in 2003. The rationale was that promoting investments in production facilities in relatively ‘backward’ areas would generate substantial local employment and help develop the area. In return, several financial and tax incentives were offered to prospective companies to encourage development in the belt that was designated a SEZ. The incentives were as follows: Exemption from payment of excise duty (presently 16.36 percent) on all products manufactured at new units set up here. 100 percent exemption from payment of income tax for the first 5... [read full story]