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Special economic zones (SEZs) not only attract foreign direct investments and earn foreign exchange but also give a boost to the manufacturing sector and generate employment for people from varied economic backgrounds, said Mr P. Ramachandra Reddy, General Manager, Sri City SEZ. He was speaking at a BL Club lecture at Emerald’s School of Business at Tirupati, presented by Central Bank of India.
He said that the long-term sustainability of economic growth depends on the strength of the manufacturing sector and India should have a globally competitive manufacturing sector if it wants to boost its export earnings. A healthy manufacturing sector only can offer alternative employment opportunities to two-thirds of the population which lives in villages, he emphasised.
A competitive manufacturing sector can promote advanced education, research, faster innovation and enhance the country’s knowledge capital. He urged the business management students to avail of the opportunities presented by the SEZs and become good entrepreneurs.
He explained the key benefits of SEZs in respect of exemptions and approvals. He said that Sri City, which is emerging as a world class business city in Chittoor district, has the distinction of being largest private sector multi-product SEZ in south India with a domestic tariff zone and a free trade and warehousing zone built in partnership with the AP government.
Mr E. Giridhar and Mr K. Viswanatha Reddy, Directors of Emerald’s School Business participated in the programme.
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