Exports from special economic zones (SEZs) grew by 38 per cent in May to Rs 29,236 crores, according to data by EPCES.
Exports from special economic zones (SEZs) grew by 38 per cent in May to Rs 29,236 crores, according to data by EPCES. Export Promotion Council for EoUs and SEZs (EPCES) said the major sectors contributing to the growth include biotech, chemicals, pharmaceuticals, computers, electronics, non-conventional energy, plastic, rubber, trading and services.
Further, during April-May this fiscal, exports from these zones rose by 11 per cent to Rs 1.01 lakh crore. Vinay Sharma, officiating chairman of EPCES, said: “The healthy pace of growth in exports from SEZs once again reflects the increasing economical impact of these zones and its contribution to the country’s export earnings.” The major export destinations are the UAE, US and Saudi Arabia.
However, regions like Hong Kong, Africa, Kenya and Oman have seen negative trends, it added. These zones enjoy certain fiscal and non-fiscal incentives such as no license requirement for import; full freedom for subcontracting; and no routine examination by customs authorities of export/import cargo. They also enjoy direct and indirect tax benefits. Exports from special economic zones grew by about 15 per cent to Rs 5.52 lakh crore in 2017-18.