New Delhi: Special Economic Zones (SEZs) continue to take the lead in expanding the exports for the country. Even in the midst of a volatile global economy, the Ministry of Commerce & Industry announced that SEZs in India have shown resilience and achieved $100 billion worth of exports in FY 2019-20, as on 17 February 2020. SEZs achieved this landmark of $100 billion worth of exports in 2018-19 in the full financial year. A comparison of FY 2019-20 vs. 2018-19 upto 17 February was shared.
According to the data from the Ministry, while the services segment, constituting majorly of IT & ITeS services, was a driver of the export growth at 23.69%, there was nearly 4% growth in the manufacturing segment as well. This reflects the overall expansion and interest in SEZs in the country, said the Ministry, revealing that the number of operational SEZs have grown to 241, as against 235 at the end of FY 2018-19.
Important sectors that saw healthy growth in this financial year include Gems & Jewelry (13.3%), Trading & Logistics (35%), Leather & Footwear (15%), Non-Conventional Energy (47%), and Textiles & Garments (17.6%). Petrochemicals constitute a major segment of SEZ exports; however, growth was muted in this segment, which the Ministry claimed may be attributed to softening of global crude prices.
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