Cochin SEZ clocks 111% increase in business

The Cochin Special Economic Zone has clocked 111 per cent increase, the second highest rate of growth, in merchandise exports during 2017-18.

Only Falta Special Economic Zone in West Bengal has registered a higher growth at 112 per cent, said a press release announcing the results for the 204 special economic zones in the country by the Union Ministry of Commerce.

The special economic zones have clocked an average growth of 18 per cent between 2016-17 and 2017-18, despite “the challenges faced, with factors such as non-removal of MAT, imposition of Dividend Distribution Tax and the impending sword of sunset clause from 2020”, the press release claimed.

It said that the “combined export from SEZs in India of merchandise and software” was worth ₹5.51 lakh crore as against ₹4.68 lakh crore in 2016-17. The value of merchandise exports from the SEZs stood at ₹2.73 lakh crore in April 2017-18 against ₹2.30 lakh crore in 2016-17. Software exports from SEZ surged 17 per cent. Software exports were worth ₹2.77 lakh crore against ₹2.37 lakh crore in the previous year. The Kandla zone saw an increase of 75 per cent in software exports.

The press release also said that the export of non-conventional energy equipment had seen an increase of 113 per cent and was termed as a likely new source of earning foreign exchange for the country. Bio-tech is another sector that is emerging.