SEZ under government focus. |
Seven proposals for setting up of Special Economic Zones SEZs, including one proposal for conversion of in-principle approvals in to formal approvals were considered at a Board of Approval of SEZs meeting in New Delhi on Thursday 7th April 2010. |
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Market Press Release – June 10, 2010 10:00 am – SEZ under government focus.
Seven proposals for setting up of Special Economic Zones (SEZs), including one proposal for conversion of in-principle approvals in to formal approvals were considered at a Board of Approval of SEZs meeting in New Delhi on Thursday 7th April 2010. The Board recommended grant of six formal approvals.So far 574 formal approvals have been granted for setting up of SEZs, out of which 353 have been notified.
Addressing the Board of Approval members, the Chairman informed that over Rs. 1,28,390 crore have been invested in the SEZs during this short time-span and direct employment of the order of 4,89,831 persons has been generated in the Special Economic Zones. During the first three quarters of financial year 2009-2010, total export of Rs. 1,52,092 crore approximately has been made from SEZs.
Earlier Anand Sharma, Union Minister of Commerce and Industry, had stated that the support and incentives for Special Economic Zones (SEZs) will continue without any dilution. The Budget allocation for the micro, small and medium enterprises has also been raised from Rs.1794 crore to Rs.2400 crore for 2010-11. This sector contributed 40 per cent of the country’s exports and the additional allocation would further boost the export growth.
The government has now proposed to extend the interest subvention of 2 per cent for one more year for exports covering handicrafts, carpets, handlooms and small and medium enterprises (SMEs). Earlier, the government had provided interest subvention of 2 percent in pre-shipment export credit up to March 31, 2010 in certain sectors.
A number of steps have been taken to simplify the Foreign Direct Investment (FDI) regime. The government also intends to make the FDI policy user-friendly by consolidating all prior regulations and guidelines into one comprehensive document, which would enhance clarity and predictability of our FDI policy to foreign investors. India received FDI equity inflows of US $ 20.9 billion during April-December 2009
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