In addition to seven Central government Special Economic Zones (SEZs) and 12 State/Private Sector SEZs set up prior to the enactment of SEZ Act, 2005, formal approval has been accorded to 574 proposals out of which 391 SEZs presently stand notified.
This was stated by the Union the Union Minister of State in the Ministry of Commerce and Industry EM Sudarsana Natchiappan in Rajya Sabha recently.
A total of 175 SEZs have commenced export.
Some SEZ developers have sought extension of validity period of the letter of approval granted to them for the execution of their projects stating reasons including adverse business climate due to global recession, delay in approvals from statutory/State Government bodies, delay in environmental clearance, lack of demand for space in SEZs, changed fiscal incentive regime for SEZs etc.
After deliberations and taking into account the facts and circumstances of each case, the Board of Approval for SEZs has granted approval for extension of validity of approval in the case of several developers for the execution of their projects.