The government has approved six proposals from four developers to set up new special economic zones (SEZs) across three states in areas such as IT and biotechnology. The decision was taken by the Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia, at its November 9 meeting, an official said.
Watch What Else is Making News
The developers who got nod for new zones include Vaxenic India, EON Kharadi Infrastructure and KRC Infrastructure.
GAR Corporation has proposed to set up two IT/ITeS zones in Telangana, while Vaxenic India wants to set up biotechnology and bio pharmaceuticals SEZ in the state.
EON Kharadi Infrastructure and KRC Infrastructure too have planned to set up separate IT/ITeS special economic zones in Pune. Information Technology Park has got the approval to set up IT zone in Karnataka.
The board has also given additional time to six developers and units to implement their projects.
G P Realtors had sought further extension of the validity period of formal approval granted for setting up electronic hardware and IT/ITeS zone in Haryana.
“The board, after deliberations, extended the validity up to November 13, 2017,” the official added.
SEZs are export hubs, which contribute about 23 per cent in the country’s total outbound shipments.
Exports from special economic zones logged a marginal growth of 0.77 per cent to Rs 4.67 lakh crore in 2015-16.
The exports from such 204 zones were Rs 4.63 lakh crore in 2014-15.
As per the Commerce Ministry’s data, as on March 31, these zones had attracted investments worth Rs 3.76 lakh crore and generated employment for 15.91 lakh people.
For all the latest India News, download Indian Express App now