Exports from special economic zone zoomed 121 percent


New Delhi, July 28 (IANS) In sharp contrast to the slowdown in India's external trade last fiscal, exports from special economic zones (SEZs) grew by a whopping 121.4 percent, the commerce ministry said Wednesday.

Exports from SEZs during 2009-10 stood at Rs.2,20,711.39 crore ($49 billion). India's total exports during the same period was down 4.7 percent at $176.5 billion.

During the first quarter of the current fiscal, SEZ exports have touched Rs.58,685.46 crore, an over 68 percent growth compared to corresponding period of the previous fiscal.

"As on June 30, an investment of Rs. 1,66,526 crore has been made in SEZs and direct employment for 5,50,323 persons have been generated," Minister of State for Commerce Jyotiraditya Scindia said in a written reply in the Rajya Sabha.

Before formation of SEZs was formalised and incentivised, the central government ran seven SEZs and state governments and the private sector set up 12 such zones.

"Since the SEZ Act 2005, formal approval has been accorded to 576 proposals out of which 358 SEZs have been notified. A total of 114 SEZs are already exporting," Scindia added.