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Home » IANS » Non-operational Noida SEZ deepening economic crisis: EPCES

Non-operational Noida SEZ deepening economic crisis: EPCES

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New Delhi, April 29 (IANS) Operations in the Noida SEZ (NSEZ) have not started yet, as it is awaiting orders from local authority and the the delay is deepening the already ongoing economic crisis amidst the lockdown, according to Vilas Gupta, Chairman of EPCES (Export Promotion Council for EOU and SEZ), Northern India.

“Noida SEZ is administered by its Authority headed by the Development Commissioner who is equivalent to the rank of Additional Secretary. This Authority is competent enough with full strength of security to ensure that factories are run as per the guidelines defined by the Ministry of Home Affairs,” Gupta said.

In a statement, EPCES said that the notification issued by the Ministry of Home Affairs on April 15 has allowed all the SEZs of India to start operations with 50 per cent capacity.

Gupta said: “Factories within Noida SEZ are 100 per cent export units. Many factories either have their shipments ready to export or at finishing stage to export. Further holding these factories from starting their operation will not only put them into heavy losses but their future business will most likely be transferred to Chinese factories that are fully operational.”

It may also lead to unemployment among over 50,000 workers working in Noida SEZ, he warned.

Factory owners are going through insecurity about the future of their businesses, Gupta said adding that their orders are getting cancelled by the overseas buyers.



(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
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