India to replicate China's SEZ model : Maran

Chennai, Mar 30 (UNI) Union Minister for Communications and IT Dayanidhi Maran today said India would replicate China's model of Special Economic Zones (SEZ) to improve its industrial economy.

Speaking at a function here, he said ''the Centre is working out a comprehensive plan to increase the number of SEZs across the country to lure foreign investors for overall economic growth.

''The Empowered Group of Ministers, headed by Union External Minister Pranab Mukherjee, would meet next week to discuss issues related to SEZ for relaxing norms where land will not be the issue for setting up industries across the country,'' he added.

The meeting will chalk out a policy package which will be attractive, flexible and hassle-free rather than regulated and controlled, he said adding foreign investors will find this particularly suited to their needs as it attempts to remove almost all the irritants that they may have faced while setting up their industries in SEZ areas.

Mr Maran also said ''efforts are on to ensure that units in SEZs have access to cheaper and quality power from sources of their choice.'' Now, the process of liberalisation has gathered steam and it is proving by empirical cross-country studies that open developing economies grow at much faster rate compared to the closed economies, he said.

UNI