The Union Minister of Commerce & Industry called for a coordinated effort by all stakeholders so that SEZ Scheme can fulfill its objectives and is implemented efficiently by the State Governments by providing single window facilities and all other promised benefits. It is important that SEZ Developers do their work at a faster pace so that the space in SEZs is actually made available to the SEZ units.
The importance of the EOU Scheme has played a very important role in last 25 years in creation of manufacturing facilities and generation of employment and a number of issues relating to EOUs have been resolved. This includes implementation of Fast Track Scheme, exemption from Bank Guarantee, extending the facility of Cenvat Credit, reduction of basic customs duty to 25% on the DTA sale, simplified procedure of registration at the port etc.
However, a major issue relating to EOU i.e. removal of Sunset Clause is yet to be resolved. The SEZ Policy is going to play a very important role in employment generation, increasing exports, creation of world class infrastructure and attracting Foreign Direct Investment in the country in the next one decade. SEZs are certainly going to play a very important role by providing inclusive growth in the country. At present SEZs-new and old are already providing direct employment to over 2,30,000 people. New Generation SEZs have already provided direct employment to over 45,000 people and I have been informed that over 1 lakh additional jobs will get created by December, 2007. Once all the 366 formally approved SEZs, become operational 4 million additional jobs are likely to be created. Manufacturing sector will also get a big boost. In the new SEZs, most of the employment provided is to the rural youth from the nearby villages. The huge investment being made by these SEZs is resulting in fast developments and as the SEZs become functional, the benefits will become more pronounced.
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