In its meeting held in New Delhi today, the board of approvals for special economic zones has recommended grant of 20 formal approvals and seven in-principle approvals.

In all 31 applications for setting up SEZs, which included conversion of four in-principle approvals to formal approvals, were considered. Some prominent SEZ projects approved today include:

Formal approvals granted:

• Multi-services SEZ by Gujarat Finance City Development Company Limited in Gandhinagar, Gujarat.
• Agro and food processing SEZ by Nagaland Industrial Development Corporation Limited in Dimapur, Nagaland
• IT / ITeS SEZ by Tata Consultancy Services in Andhra Pradesh
• IT / ITeS SEZ by Cognizant Technology Solutions India Private Limited in Ranga Reddy district, Andhra Pradesh
• Two IT / ITeS SEZs by Andhra Pradesh Induistrial Investments Corporation in Kakinada and Chittor in Andhra Pradesh

Conversion of in-principle approval to formals

• SEZ by Alok Infrastructure Private Limited in Dadra and Nagar Haveli and
• Multi product SEZ by Sterling Erection and Infrastructure Privated Limited in Bharuch, Gujarat

In principle approvals

• Sector-specific SEZ for providing products and related services for oil and gas, energy and petrochemicals by Gujarat Hydrocarbon and Energy SEZ Limited in Gujarat
• Multi product SEZ by Gitanjali Gems Limited in Nagpur, Maharashtra

So far formal approvals have been granted for setting up of 366 SEZs out of which 142 have been notified. He said that over Rs46,705 crore have been invested in these notified SEZs and that these SEZs are providing direct employment to over 40,153.

In addition to this, the 12 private / state government SEZs notified prior to coming into force of SEZ Act, 2005 are providing direct employment to over 15,000 persons, making the total employment provided by the new generation SEZs to over 55,000 persons.

BOA is a nodal authority, which clears the applications by companies for setting up SEZ projects.

There are differences regarding the issue between the finance ministry and the commerce ministry with the commerce ministry saying that there is no need for an export obligation because anyway these SEZ export 95 per cent of their products.

The other issue which was pending for some months now is the whether loans to SEZ sector qualify as loans to commercial real estate

also see : General reports on Economy