The commerce ministry has stated that even in the midst of volatile global economy, special economic zones (SEZs) in India have shown resilience and have crossed $100 billion worth of exports by mid-February in the current financial year (FY20). Earlier, SEZs had achieved the landmark of $100-billion worth of exports during the full financial year 2018-19.
The ministry said the SEZ continue to take lead in expanding the exports for the country. It also said the services segment, constituting majorly of IT and ITeS services, was the main driver of export growth at 23.69 percent. It added that there was almost 4 percent growth in manufacturing segment also and this reflects overall expansion and interest in SEZs in the country.
It further highlighted that the number of operational SEZs has grown to 241 as against 235 at the end of 2018-19. Sectors that saw healthy growth include gems and jewellery (13.3 percent), trading and logistics (35 percent), leather and footwear (15 percent), non-conventional energy (47 percent), textiles and garments (17.6 percent). Petrochemicals constitute a major segment of SEZ exports, however growth was muted in this segment which may be attributed to softening of global crude prices.