SEZs will create multiple fold economic activity - Commerce Secretary
Commerce Secretary G K Pillai said there was misinformation with respect to SEZs. He said in Hyderabad yesterday that:-
++ In fact they would create multiple fold economic activity in the country.
++ all the 237 SEZs formally approved so far would need only 34,510 hectares land, which would be less then one per cent of total cultivable land in the country and ten per cent of the total land that State Governments proposing to acquire for various public works like roads, industries, schools, canals and other buildings.
++ While all the SEZs set up since 1969 generated a mere Rs 2,700 crore investment so far, during last nine months of new SEZs started floating so far generated Rs 10,000 crore investment and provided employment to 40,000 people.
++ SEZ promoters are not allowed to sell any portion of the land allotted to them and in any case they were unable to conduct the proceedings the land would return to the government only.
++ Centre has directed States to use only waste lands or single crop cultivable lands.
++ Exception was given to use lands cultivating two crops for multi-product SEZs only and so far only nine such SEZs were cleared.
++ these SEZs will get relief upto Rs 90,000 crore on export activities, but would bring over Rs 1.5 lakh crore revenue to the government due to increased economic activity in form of income tax, sales tax etc.