SEZs, EOUs encourage manufacturing activity in India: Kamal Nath

February 3rd, 2009 - 5:42 pm ICT by ANI  

New Delhi, Feb 3 (ANI): Union Minister for Commerce and Industry Kamal Nath today said that the Special Economic Zones (SEZs) and Export Oriented Units (EOUs) have significantly contributed towards employment generation and encouraged manufacturing activity in the country.
Speaking at the Export Awards function organized by the Export Promotion Council for EOUs and SEZs (EPCES) here, Nath said, “During the period 2003-04 to 2007-08, exports from SEZs and EOUs have increased from Rs.42,641 crore to Rs.221,066 crore, a growth of 418 per cent in four years.”
Congratulating the export award winners, the Minister said that SEZ success has been possible due to a participative and interactive approach between the government and industry.
“In the last three years, incremental investment of more than Rs.90,000 crore have taken place in the SEZs. During this period, SEZs have provided incremental direct employment to over 2,27,000 people. Exports from SEZs have gone up from Rs.22,840 crore in 2005-06 to Rs.66,638 crore in 2007-08. By the end of December 2008, Indian exports from the SEZs stood at Rs.70,000 crore, crossing last years exports from SEZs”, he added.
During his address, Nath said that some of the issues, which are confronting the SEZ industry, would be resolved shortly.
“In respect of EOU scheme, we have extended the sunset clause by one year and now the income tax exemption under Section 10-B of the Income Tax Act is available up to March 2010. We have taken up this issue further for extending the Sunset Clause by another three years,” he added.
The Minister further added the participants that a meeting of all Export Promotion Councils was convened last month to get a first hand input from the industry. (ANI)

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