EPCES seeks PM's intervention to promote SEZs

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SME Times News Bureau | 31 Jul, 2012
The Export Promotion Council for EOUs and SEZs (EPCES) Monday sought Prime Minister Manmohan Singh's intervention for some long-term benefits to the 'neglected sector' in order bring it back to its established state.

"Implementation of MAT/DDT has adversely affected the growth, investments, employment and exports from SEZs in India . . . . This sector seeks Hon'ble Prime Minister's intervention to honour the commitments of Government on tax holiday as originally promised in the SEZ act," said EPCES Vice-Chairman P.C. Nambiar in a press statement.

"It is emphatically observed from the above export figures that, in-spite of prevailing recession around globe, SEZ sector has shown fabulous growth," he said adding that Exports from SEZs during first quarter of current financial year 2012-13 has shown a remarkable growth of 64% over the exports of the corresponding period of financial year 2011-12.

Exports from SEZs during first quarter of current financial year 2012-13 is to the extent of Rs.1,18,321.56 crore

Nambiar further informed that as on 30th June, 2012 investments worth Rs.2,13,605.54 crore have been made in SEZs and this sector has generated employment to 9,20,243 persons.

The EPCES official added that MAT/DDT implementation sent wrong signals to the international investment community which is looking at India for its resources of skills and manpower.

". . . while Hon'ble Prime Minister is dwelling hard to bring back Foreign Direct Investments and streamlining other investments back to Indian economy, the SEZ sector, which is one of the mainstay of our economy, should also be given some long-term benefits/flips thereby bringing back this neglected sector, to its established state," EPCES said.