Special Economic Zones (SEZs), an ambitious instrument to promote exports / [We call it a Massive Real Estate Scam ], are loosing steam in wake of deepening global economic downturn. SEZs are expected to account for 30% of total Indian exports in the current fiscal with the target amount of exports set at 1,20,000 crore.
However, as recessionary forces take charge in key destinations of Indian exports including European Union, India’s largest trading partner and US, analysts are expecting SEZs to miss the target by around 15-20%. Total exports from SEZs may not exceed Rs 1,00,000 crore in the current fiscal, a fact accepted by additional secretary R Gopalan too.
This comes even as government plans a series of moves to help protect jobs in SEZs, which have been cutting the employee count due to declining business. According to estimates, around 36,000 people working in the SEZs have lost jobs in the last few months.
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