Govt clears 9 SEZ proposals

The government on Tuesday cleared nine fresh proposals for setting up special economic zones, most of which are related to IT and ITES, followed by the bio-technology sector.

The Board of Approval in the commerce ministry gave the green signal to Gulf Oil Corporation, L&T, Emaar MGF and MM Tech to set up IT/ITES tax-free enclave in Bangalore, Mumbai, and Chenagamanadu (Kerala), respectively.

Three bio-technology SEZs have been sanctioned for Bangalore, Anantpur (Andhra Pradesh) and Ratnagiri (Maharashtra).

Besides, two multi-product and multi-services SEZs would come up at Kotamandal in Andhra Pradesh and Nasik in Maharashtra.

Since 2006, when the SEZ Act was notified, formal approvals have been granted for setting up 568 SEZs, of which 315 have been notified.

Exports from SEZs grew by 36 per cent to Rs 90,416 crore (Rs 904.16 billion) in 2008-09 from Rs 66,638 crore (Rs 666.38 billion) in the previous fiscal.