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Centre cleares ten more SEZs

NEW DELHI: The Central Government on Monday approved ten proposals for setting up special economic zones (SEZs), including those of Larsen & Toubro and Navi Mumbai SEZ. The Board of Approval (BoA) of SEZs also cleared the proposals of 11 investors to join as co-developers in projects like that of Mundra in Gujarat.

The BoA meeting, chaired by Commerce Secretary G. K. Pillai, also gave a clean chit to a Gujarat-based Essar SEZ project, which was earlier embroiled in issues like overlap between the domestic tariff area and the tax-free enclave. Three Mundra SEZs in Gujarat, having a total investment of Rs. 1,00,000 crore, have been allowed to be merged.

Since the combined area of the three zones exceeded the 5,000-hectare ceiling on a single SEZ, the BoA took the decision after a clearance from the Empowered Group of Ministers, headed by External Affairs Minister Pranab Mukherjee. The Navi Mumbai SEZ Pvt. Ltd., which has promoted various zones, received fresh approval for the one dedicated to the gems and jewellery sector. The combined Mundra SEZ will induct six investors as co-developers. One of the SEZs to be merged into the combined entity is setting up a 300-MW power plant to be commissioned next month.

The combined Mundra SEZ had become the country’s largest special economic zone, which would have educational institutions, port and an airport, Mr. Pillai told reporters after the BoA meeting. “Five years from now it will be one of the show-piece,” he said.

Similarly, exports from the SEZs are likely to cross Rs. 90,000 crore in the current fiscal. Exports were Rs. 66,638 crore last year. Exports during April-December 2008 are estimated at Rs. 67,000 crore. “There is a little bit slowdown but we think we will cross Rs. 90,000 crore,” he added. There are about 560 SEZs, which have formal approval, and 144 with in-principle approvals in the country. With over 280 notified SEZs, the investment in these tax-free zones is over Rs. 1 lakh crore.

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