Eight special economic zone (SEZ) developers and units have sought more time from the government for implementing their projects. Their request of these developers will be considered by the Board of Approval (BoA), a 19-member inter-ministerial body that deals with SEZ-related matters, headed by Commerce Secretary Rita Teaotia, on June 16.
These special economic zone (SEZ) developers and units includes, Gulf Oil Corporation which wants further extension of the validity period of formal approval granted for setting of IT/ITeS/electronic hardware SEZ in Karnataka, beyond June 17. Besides, it includes Lanco Solar which has sought more time for its unit in Chhattisgarh. The other players that have sought more time include HBS Pharma, Venkatesh Coke and Power, APPL Industries, BEML and Dr Reddy's Laboratories. BoA will also consider the request of Adani LPG Terminal for co-developer status in the multi-product SEZ at Mundra, being developed by Adani Port and SEZ.
In the last three years period till February 2016, the BoA has granted more time to as many as 132 developers of SEZs across the country to complete projects. In 2014-15, exports from SEZ stood at Rs 4, 63,770 crore as compared to Rs 4, 94,077 crore in the previous fiscal. Exports from SEZs have declined 1.89 per cent year-on-year to Rs 3.41 lakh crore in April-December 2015-16. The government is struggling to increase exports as the country’s shipments have continuously been declining and exports of half of the sectors out of the 30 closely monitored by the Commerce Ministry were in the negative zone in December due to a fall in global prices and demand. SEZs are important export hubs of the country, which contribute over 20 per cent in the country's total shipments.
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