The government has cancelled approvals granted to eight SEZ projects, including those of Concord India and Bangalore International Airport, as no significant progress was made by developers to complete the projects.
The Board of Approval, headed by Commerce Secretary Rita Teaotia, in its meeting on March 8 cancelled the approvals.The 19-member Board of Approval (BoA) deals with SEZ related matters. All the eight IT/ITeS zones were planned in Karnataka.
Special economic zones (SEZ) have been planned to promote overseas shipments. SEZs and export oriented units (EOUs) contribute about 33 per cent to the country’s total exports.
Tamil Nadu, Karnataka, Telangana and Maharashtra house most of the operational SEZs in the country.