India’s exports from special economic zones (SEZs) jumped 38% to Rs 29,236 crore in the month of May 2018. As per the Export Promotion Council for EoUs and SEZs (EPCES) data, exports from these zones grew by 11% to Rs 1.01 lakh crore during April-May period of current fiscal year (FY19). Besides, in 2017-18 exports from these zones rose by about 15% to Rs 5.52 lakh crore.
The data showed that major sectors which contributed to the growth are biotech, chemicals, pharmaceuticals, computers, electronics, non-conventional energy, plastic, rubber, trading and services. The officiating chairman of EPCES Vinay Sharma has said that the healthy pace of growth in exports from SEZs once again reflects the increasing economical impact of these zones and its contribution to the country’s export earnings.
EPCES data reveled that the UAE, US and Saudi Arabia were the major export destinations. However, regions like Hong Kong, Africa, Kenya and Oman have showed negative trends. These zones enjoy certain fiscal and non-fiscal incentives such as no license requirement for import; full freedom for subcontracting; and no routine examination by customs authorities of export/import cargo. They also enjoy direct and indirect tax benefits.
