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Available on  gplay  » Business » Govt to consider fresh SEZ proposals on Sep 30

Govt to consider fresh SEZ proposals on Sep 30

Source: PTI
August 28, 2009 16:05 IST
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Indian flagThe board of approval, the apex body which clears special economic zone projects, will meet next month to approve fresh proposals.

"The board of approval chaired by commerce secretary Rahul Khullar will take up fresh proposals for setting up SEZs on September 30," a senior commerce ministry official said.

Senior officials from different ministries, including finance, home affairs and defence, would be attending the meeting, the official said.

The last BOA held on August 11 had allowed Maytas Ventures, promoted by the disgraced former Satyam chairman B Ramalinga Raju's son, to surrender its biotech SEZ and approved three new proposals, including that of Brooke Bond Real Estates IT/ITES tax-free enclave in Karnataka.

Exports worth Rs 99,689 crore (Rs 996.89 billion) were made from SEZs during 2008-09, a growth of about 50 per cent over the previous year. Exports in the first quarter of this fiscal was about Rs 39,411 crore (Rs 394.11 billion).

The government expects the exports to touch Rs 1,10,000 crore (Rs 1,100 billion) in the current fiscal. So far, 577 formal approvals have been given for setting up SEZs, of which about 325 have been notified.

The tax-free enclaves have attracted foreign direct investment of over Rs 10,900 crore (Rs 109 billion) in the last three years.

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