The government has approved six proposals from four developers to set up new special economic zones (SEZs) across three states in areas such as IT and biotechnology. The decision was taken by the Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia.

• The developers who got nod for new zones include Vaxenic India, EON Kharadi Infrastructure and KRC Infrastructure.

• GAR Corporation has proposed to set up two IT/ITeS zones in Telangana, while Vaxenic India wants to set up biotechnology and bio pharmaceuticals SEZ in the state.

• EON Kharadi Infrastructure and KRC Infrastructure too have planned to set up separate IT/ITeS special economic zones in Pune. Information Technology Park has got the approval to set up IT zone in Karnataka.

• “The board, after deliberations, extended the validity up to November 13, 2017,..As per the Commerce Ministry’s data, as on March 31, these zones had attracted investments worth Rs 3.76 lakh crore and generated employment for 15.91 lakh people.

special economic zone (SEZ):

A special economic zone (SEZ) is an area in which business and trade laws differ from the rest of the country. SEZs are located within a country’s national borders, and their aims include: increased trade, increased investment, job creation and effective administration.

To encourage businesses to set up in the zone, financial policies are introduced. These policies typically regard investing, taxation, trading, quotas, customs and labour regulations. Additionally, companies may be offered tax holidays.