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SEZs To Create 1 Lakh More Jobs In New Tax-Free Zones That Expected To Run Full-Steam This YearBy ugesh sarkar, Section Jobs Wanted/Available
Special economic zones (SEZs) are expected to generate one lakh additional jobs during financial year 2009-10, even as developers continue to face the heat due to the global economic slowdown. The new jobs are likely to be created in some of the new tax-free zones that are expected to run full-steam this year, reports Financial Chronicle.
"This year, SEZs are expected to generate one lakh jobs, if not more, with some of the large scale projects taking off by the middle of the year," quoted a senior commerce ministry official in the report. The total number of jobs generated by SEZs as on March 31, 2009 was 3,83,435 with an incremental employment generation for 2,48,731 persons. Meanwhile, jobs produced in notified SEZs reached 1,31,515. Even as the slowdown is imminent in SEZs with some big players such as DLF and Unitech surrendering some of their projects due to severe cash crunch, over 15-20 are projected to start operations by the year 2011. The commerce ministry has received 18 proposals for setting up SEZs, which are likely to be considered by an empowered board after the new government assumes office later this month. The board of approval, chaired by commerce secretary G K Pillai, may meet immediately after the new government is formed to take up the SEZ proposals, the official said. Source: Realty Plus SEZs to create 1 lakh more jobs Click On "Full Story" For More...
"By this year, more SEZs are going to start their operations over and above the existing 87 zones. This will definitely create incremental employment, incremental exports and incremental investments. Ever since the policy came into effect (February 2006), exports have grown four times," highlighted L B Singhal, director general, export promotion council for EOUs and SEZs.
Out of the 568 SEZs approved so far, 291 are notified, which received investment of Rs.96,165 crores. Total investments in SEZs topped Rs1,07,224.81 crore by end of the last financial year, an official fact sheet on SEZs stated. However, in 2007-08 exports attained a growth rate of a whopping 92.51 per cent over 2006-07 when exports topped Rs 67,000 crore. "SEZs are also performing better than others in exports. Last year they achieved a growth rate of 32 per cent over 2007-08 worth Rs 88,000 crore. This year also we expected to maintain the same rate in exports," the official added.
Ever since the recession has set in since October last year, developers have been hit hard due to shortage of funds and squeezing of bank credits.
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