Special Economic Zones Boost India's Export Amid Decline in Total Shipments

Exports from India's special economic zones (SEZs) increased by over 4% to USD 163.69 billion in 2023-24, even as overall export figures fell by over 3%. SEZs, contributing significantly to national exports, have seen a steady climb, highlighting their critical role in the economy.

Exports from India's special economic zones (SEZs) surged by over 4% to USD 163.69 billion in the fiscal year 2023-24, despite a more than 3% dip in the country's total shipments, according to data from the commerce ministry.

The figures revealed that SEZ exports, which stood at USD 157.24 billion in 2022-23 and USD 133 billion in 2021-22, play a pivotal role, contributing over one-third of India's total outbound shipments.

As of December 31, 2023, investments in SEZs amounted to over Rs 6.92 lakh crore, with these zones employing 30.70 lakh people. Key export markets include the UAE, the US, and the UK. The government is considering reforms to boost SEZ effectiveness further.