Government approves 6 new SEZs for IT, biotech . Union government lead by PM Narendra Modi has approved six proposals from four developers to set up new special economic zones (SEZs) IT and biotechnology across Telangana, Haryana and Karnataka . The decision was taken by the Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia during the board meeting on November9, 2016
iii. The four developers are Vaxenic India, EON Kharadi Infrastructure, GAR Corporation and KRC Infrastructure.
iv. The board has also given additional time to six developers and units to implement their projects.
Special Economic Zones :
♦ A special economic zone (SEZ) is an area in which business and trade laws differ from the rest of the country.
♦ Aims : To increased trade, increased investment, job creation and effective administration.