Eight more special economic zones approvedJune 2nd, 2009 - 7:17 pm ICT by IANS
New Delhi, June 2 (IANS) Formal approvals were Tuesday granted to eight more special economic zones in the country, including those from infrastructure majors Emaar MGF and Larsen and Toubro, both in IT-related sectors.
While Emaar MGF plans to set up its special economic zone for IT, electronics and hardware in Karnataka, Larsen and Toubro has planned its project in software and outsourcing in Maharashtra, an official statement said.
The nod was given by the board of approvals chaired by Commerce Secretary G.K. Pillai at a meeting here Tuesday, the statement added.
Pillai told the meeting that Rs.1,089 billion (nearly $22 billion) has been invested in special economic zones across the country, giving direct jobs to 387,439 people. So far, 568 approvals have been granted out of which 315 have been notified.
Exports from these special economic zones have also risen at a fast pace, logging a 50 percent growth in 2009-09 to touch Rs.996.89 billion ($1.8 billion), the commerce secretary added.