SEZs play developmental role in Indian economy, affirms Kamal Nath

January 23, 2007	(1 votes, average: 4 out of 5)  Loading ...
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Special Economic Zones carry multiple benefits of creating jobs, augmenting exports, building infrastructure of international standards and bringing in foreign investment. Kamal Nath, Union Minister of Commerce stressed on the advantages SEZs have at the awards ceremony of the Export Promotion Council for Export Oriented Units (EOUs) on 19th January, 2007

The SEZs will witness rapid growth in labor-intensive manufacturing and services. The minister estimated investment from SEZ developers to touch $60 billion (almost 300,000 crore) by 2012 if all SEZ approved projects are implemented. By the end of the year the minister expects a domestic investment of Rs.75, 000 crore, and an FDI of Rs. 25, 000 in SEZs alone.

The employment figures would proportionately zoom to 500,000 people by the end of 2007. SEZs make local recruitments, and provide training for their operations. The gem and jewellery SEZ in Hyderabad, the textile SEZ of the Mahindras in Chennai, Nokia SEZ in Sriperambedur, Flextronics in Chennai, Apache SEZ in Nellore, Brandix Apparel SEZ in Vishakapatnam, Divi Laboroatories in Andhra Pradesh and the Rajiv Gandhi Technology Park in Chandigarh have created employment in their respective zones.

The Commerce Ministry is investigating the possibility of simplifying procedures governing SEZs, based on the recommendations of SEZ developers. Current rules have been in force for a year now, and some amendments are called for.

The sensitive issue of land acquisition and rehabilitation was also brought up during the address, and the Minister urged State governments to partner the SEZ scheme in this regard.

News Published Under:   Special Economic Zones |

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