By IANS
Mumbai : The exports turnover from special economic zones (SEZs) in India is likely to cross Rs.1 trillion ($25 billion) in fiscal 2008-09, a top trade body has said.
India has 42 operational SEZs. Additionally, the government has received 439 proposals, out of which 197 have been notified and another 138 have been given in-principle approval, according to statistics released by the Export Promotion Council for Export Oriented Units and SEZs.
The council said that in the last nine months of 2007 (April-Dec 2007), turnover from SEZs touched Rs.400 billion.
The total incremental investment during the period was over Rs.700 billion, of which about Rs.673 billon was invested in the newly notified SEZs.
The council’s Director General Lalit Singhal said: “With the huge growth potential in India, setting up of more SEZs will result in a surge in exports, investment and creation of employment opportunities. The exports from SEZs are likely to cross Rs.100,000 crore (Rs.1 trillion) in 2008-09.”
Talking about the current scenario of SEZs in India, Ajay Nijhawan, convener of the panel of SEZs within the council, said: “SEZs can contribute to the economic growth of India through employment creation, imparting training to the unskilled workforce and increasing the quantum of exports.”
“Success on this front critically depends on the country’s ability to create a favourable business environment by providing better infrastructure and a hassle-free policy regime.”
The Export Promotion Council for Export Oriented Units and SEZs was set up in January 2003 and is recognised by the Ministry of Commerce.