The main objectives of the SEZ Act, 2005 are:-
(i) generation of
additional economic activity
(ii) promotion of exports of goods and services
(iii) promotion of investment from domestic and foreign sources
(iv) creation of employment opportunities
(v)
development
of infrastructure facilities
In addition to seven Central
Government Special Economic Zones (SEZs) and 12 State/Private Sector SEZs set
up prior to the enactment of SEZ Act, 2005, formal approval has been accorded
to 582 proposals out of which 382 SEZs have been notified. A total of 148 SEZs
are already exporting. Physical exports from the SEZs have increased from Rs.
2,20,711 crore approximately in 2009-10 to Rs.
3,15,868 crore approximately in 2010-11, registering
a growth of 43.11%. The total physical exports from SEZs as on 30th
September, 2011 i.e. in the first half of the current financial year, has been
to the tune of Rs. 1,76,479.69 crore approximately
registering a growth of 26.20% over the exports of corresponding period of the
previous financial year. As per provisions of the SEZ Rules, 2006,
an approval is valid for a period of three years within which time effective
steps are to be taken by the Developer to implement the approved proposal. On a
request received from the Developer, the Board of Approval can further extend
the validity.
The fiscal concessions and
duty benefits allowed to SEZs are inbuilt into the SEZ Act, 2005.
These exemptions are in the nature of incentives for export and infrastructure
creation and are consistent with the principles that guide export promotion
initiatives of the Government in general.
This information was given by Shri Jyotiraditya M. Scindia Minister of State for Commerce and
Industry in written reply to a question in Rajya Sabha today.
DS/GK