IBEF: March 09, 2020
The proposals of software firm, TCS, and realty major, DLF, to set up special economic zones (SEZs) for IT sector in Haryana and Uttar Pradesh, has been approved by the government.
The approval was given by the Board of Approval, the highest decision-making body for SEZs, in its meeting on February 26th. The inter-ministerial body is chaired by the Commerce Secretary. TCS has proposed to set up an IT/ITeS SEZ on a 19.9-hectare land in Noida, Uttar Pradesh. The total proposed investment for the project is Rs 2,433.72 crore (US$ 348.22 million).
“The board, after deliberations, approved the proposal for setting up of sector specific SEZ for IT/ITeS at Noida over an area of 19.9 hectare,” according to the minutes of the board meeting.
Similarly, the two proposals of DLF also received nod from the board.
DLF has proposed to set up two SEZs in Haryana. The proposed investments for these projects are Rs 793.95 crore (US$ 113.60 million) and Rs 761.54 crore (US$ 108.96 million).
However, the board said that the approval for DLF is “subject to the condition that the letter of approval for setting up of units would be issued only after the requirement of contiguity of the SEZ is fulfilled by the developer as per the relevant rules and instructions”.
SEZs are major export hubs in the country as the government provides several incentives and single-window clearance system.
As on November 14, 2019, 417 such zones have been approved by the government out of which 238 zones are operational.
Exports from these zones grew by about 14.5 per cent to Rs 3.82 lakh crore (US$ 54.66 billion) in April-September 2019-20 which stood Rs 7.02 lakh crore (US$ 100.44 billion) in entire financial year 2018-19.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.