SEZs FUTURE VEHICLE OF ECONOMIC ACTIVITY, SAYS KAMAL NATH INDIA EMERGES AS FAVOURITE FDI DESTINATION ERNST & YOUNG ENTREPRENEUR OF THE YEAR AWARDS
Date : 16 Nov 2006
Location : New Delhi
Shri Kamal Nath, Union Minister of Commerce & Industry, has said that Special Economic Zones (SEZs) are the future vehicle of economic activities. Addressing the 8th Ernst & Young Entrepreneur of the Year Awards function in Mumbai this evening, he said: “41 SEZs are already operational, while approvals have been given for more than 237 SEZs and about 244 proposals are before us. We are also conceptualizing very large regions termed Investment Regions for manufacturing which will provide world class infrastructure and give benefits, sizes and costing to units”.
He also said that India’s trade – both exports and imports – had been steadily rising and the country was fast emerging as a favourite destination for foreign direct investment (FDI). Such public felicitations of entrepreneurial excellence are important as they help in changing our perception and outlook, in recognizing the wide gamut of opportunities available outside the government sector in a fast growing India, he said.
Paying a big tribute to the private sector, Shri Kamal Nath said: “At the centre of this success story have been our entrepreneurs who have been injecting verve and creativity into Indian industry as they focus increasingly on competing in global markets. Let us take civil aviation. Today, more than 65% of the passengers are carried by private airlines as against none in 1991. Similarly, in the telecommunication sector, the major communication traffic is carried out by private entrepreneurs. Construction is another example. In fact, most of the service sector growth, which forms 50% of our GDP, is due to the private sector. The success of entrepreneurs in services, in BPO, IT, Drugs and Pharmaceuticals, Films, Advertising, Education, Health, Tourism and other knowledge base sectors in India is only due to private entrepreneurs”.