Calcutta, Jan. 18: The special economic zone (SEZ) act has been formulated and the notification would be issued in the next seven to 10 days. The act is expected to boost investments in SEZs by Rs 10,000 crore over a period.

It is the first time that such an act has been structured and it is expected to help the development of industry clusters, commerce minister Kamal Nath said at the CII Partnership Summit today.

“There are 25 such SEZs in the country with over 70 proposals lined up in various sectors like information technology, gems and jewellery, textiles and auto components,” the minister added.

The emerging sectors like auto components have planned projects spread over 10,000 to 20,000 acres.

“This is good news for states like Bengal where growth in a lot of the above-mentioned sectors are being driven by the SEZ set-up,” stated Nath.

Foreign direct investment

The government is considering 100 per cent foreign direct investment (FDI) in a host of sectors, said Ajay Dua, secretary in the department of industrial policy and promotion (DIPP).

The sectors include power trading, processing and warehousing of plantation crops like coffee and rubber, greenfield airports, coal and manufacturing of petroleum infrastructure, Dua said.

Airport modernisation is a priority with the Union government, Nath said.

Mining and science & technology

Measures are on the cards to simplify the mining policy, said Dua. He added there is a need to address governance issues, especially increased transparency, accountability and promptness in dealing with business concerns of the existing mining policy.

The Australian high commissioner, John McCarthy, said about 70 senior Indian and Australian companies would attend an Indo-Australian Coal and Mining Forum to put in place mechanisms for commercial and technical linkages between the two countries.