"The government sees SEZs as vehicles of industrilaisation and employment generation," Commerce Minister Kamal Nath said while presenting the last annual supplement to the Foreign Trade Policy.
Pointing out the massive increase in exports and employment, the Minister said, "Development of this nature reassures us of the validity of the basic policy relating to SEZs, notwithstanding the skepticism expressed by a few persons."
According to the pre-budget Survey, exports from the tax-free zones increased to Rs 34,615 crore (Rs 346.15 billion) in 2006-07 from Rs 22,840 crore (Rs 228.40 billion), an increase of 52 per cent.
During 2007-08, he said, the export from SEZs has been projected at Rs 67,088 crore (Rs 670.88 billion), a 200 per cent increase in two years.
SEZs currently provide employment to more than 2.8 lakh people, Nath said adding, the incremental employment generated by these SEZs have shown an increase of over 150 per cent in the last three years.
Till now the government has granted 453 formal approvals for setting up of SEZs, of which 207 have been notified, while others are at various stages of implementation and operation.
