The government has given more time to seven SEZ developers to execute their projects.
The decision was taken by the Board of Approval (BoA) headed by Commerce Secretary Rita Teaotia.
The BoA is a 19-member inter-ministerial body that deals with SEZ-related matters. It provides single window clearance mechanism to developers and units in these zones.
The board has granted one more year to Kerala State IT Infrastructure, which is setting up IT/ITeS SEZ in the state.
Telangana State Industrial Infrastructure Corporation has planned IT/ITeS special economic zone in Andhra Pradesh. For this project, the BoA has extended the validity of the formal approval up to July 1, 2018.
SEZs are exports hubs, which contribute about 16 per cent to the country’s total outbound shipments.
Highest number of SEZs are operational in states like Tamil Nadu, Karnataka, Telangana and Maharashtra.