Four Special Economic Zone (SEZ) developers including Broadway Integrated Park and Veritas Infrastructure Development have approached the government to surrender their projects.
These applications would be considered by the Board of Approval (BoA) headed by Commerce Secretary Rita Teaotia on August 12.
The BoA is a 19-member inter-ministerial body that deals with SEZ-related matters.
“Formal approval has been granted (to these 4 SEZs) by the department of commerce. However, since there is no significant progress made by the developer, the concerned development commissioners have proposed for cancellation of formal approval granted to the developer,” BoA said in its agenda.
While the two SEZ projects are in IT/ITeS sector, the other two are in the bio technology area.
Broadway Integrated Park and Veritas Infrastructure Development had proposed to set up an IT and biotechnology SEZ respectively in Maharashtra.
The other two developers who have approached for cancellation of their projects are Muttha Realty and Saloni Business Park.
SEZs are export 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.
Exports from these zones logged a marginal growth of 0.77 per cent to Rs 4.67 lakh crore in 2015-16. It was Rs 4.63 lakh crore in 2014-15. Al-Farouq Aminu Authentic JerseyShare This