The government has given more time to seven SEZ developers and units. The SEZ, which got moretime to execute their projects includes Kerala State IT Infrastructure and Telangana State Industrial Infrastructure Corporation. The decision was taken by the Board of Approval (BoA) headed by Commerce Secretary, Rita Teaotia in its meeting. The BoA is a 19-member inter-ministerial body that deals with SEZ-related matters. It provides single window clearance mechanism to developers and units in these zones. The board has granted one more year to Kerala State IT Infrastructure, which is setting up IT/ITeS SEZ in the state. Telangana State Industrial Infrastructure Corporation has planned IT/ITeS special economic zone in Andhra Pradesh. For this project, the BoA extended the validity of the formal approval up to July 1, 2018. SEZs are exports hubs, which contribute about 16 per cent to the country’s total outbound shipments. The Commerce Ministry is taking steps to revive investors’ interest in these zones. It has asked the Finance Ministry to extend sops like rollback or reduction in the minimum alternate tax. Highest number of SEZs are operational in states like Tamil Nadu, Karnataka, Telangana and Maharashtra.
Image source: telangana.gov.in