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SEZs ready to take off
| August 29, 2008 |  (Be the first to rate this story!) Loading ... |
Special Economic Zones (SEZs) are ready to take off in a big way, despite the initial obstacles. India has so far approved 513 SEZs, of which 250 have been notified. Investments are expected to cross Rs 2 lakh crore by December 2009 and bring incremental employment to eight lakh people, said the commerce secretary, Mr G.K. Pillai. So far about Rs 81,000 crore have been invested in SEZs, generating employment for close to 3, 50,000 people, according to statistics from the government’s SEZ site. Last year SEZs generated about Rs 66, 600 crore in exports, a 92 per cent jump from the previous year. India’s total exports during the period rose 23 per cent to $155.5 billion.
In the last three months more than Rs 16,000 crore of investments in SEZs has been announced by various firms. Ansal Properties & Infrastructure Ltd is investing about Rs 3,600 crore for IT SEZs across three states. Infrastructure Leasing & Financial Services has tied up with Maharashtra Industrial Development Corp (MIDC), to invest up to Rs 8,000 crore in SEZs in the state. The state-run trading firm, MMTC Ltd, has invited bids to set up SEZs in various sectors. Tata Realty & Infrastructure, in a joint venture with the Tamil Nadu government, has committed to investing more than Rs 3,000 crore to build an IT SEZ. “The benefits and revenues far outweigh the issues involved,” said Mr Rajiv Jalota, chief executive officer, MIDC, which is developing 22 SEZs in Maharashtra. The body has faced opposition to land acquisition in the state and has now set up a dedicated cell to compensate and rehabilitate displaced landowners.
In January, the tourist state of Goa dropped plans to build SEZs after protests from political and environmental groups, and in 2007, forced farmland acquisition in Nandigram provoked violent protests leading to deaths in West Bengal. Since then, forcible land acquisitions have been barred. “The ministry of commerce is very clear. No land can be forcibly acquired for SEZs,” said Mr Pillai.
News Published Under: Special Economic Zones |
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