VSEZ posts steep growth in exports despite Covid
Clocks 27.46% upswing in exports to Rs 9,672 cr during corona crisis till June 2; merchandise exports up 33.67%
Hyderabad: The Visakhapatnam Special Economic Zone (VSEZ) posted a robust growth of 27.46 per cent in exports to Rs 9,672 crore during Covid-19 crisis (from April 1 till June 2) as against Rs 7,588 crore in the same period a year ago.
"The Covid-19 has a very little impact on companies operating in our SEZs. Pharmaceutical companies have been operating as they fall under essential services.
So are also IT units as employees are working from home. We are almost back on track now," A Rama Mohan Reddy, Development Commissioner, VSEZ, told The Hans India.
VSEZ, which oversees 58 SEZs and 192 EOUs (export-oriented units) in Andhra Pradesh, Telangana, Chhattisgarh and Yanam, posted 33.67 per cent growth in merchandise exports and 22.46 per cent upswing in service sector exports during the ongoing crisis.
As on date, 586 units out of 702 units are operational in both SEZ and EOUs - 490 units in SEZs and 96 units in EOUs.
However, only 22.39 per cent (a total of 3.79 lakh on rolls) of employees in these units are working at offices while the remaining are working from home.
"Despite lockdown for over 60 days, the SEZ units and EOUs have relentlessly contributing to the exports of the nation and earning foreign exchange," Reddy said.
In the last financial year, VSEZ exported goods and services worth Rs 96,886 crore, a growth of 32.79 per cent from Rs 72,963 crore achieved in FY19.
"This was highest growth among all seven zones in the country. We could achieve it despite global recession and disruptions caused by the Covid pandemic towards the fag end of FY20," Reddy said. The number of people working in SEZs also increased to 3.79 lakh last fiscal from 3.39 lakh in FY19.
"VSEZ will surely see its total exports crossing coveted `1 lakh crore mark this financial year if Covid is put under control in the first quarter itself.
That way, we hope to achieve nearly 10-15 per cent growth in total exports year-on-year," he said.