Jaipur: Two special economic zones (SEZs) promoted by the state govt have outstripped Mahindra World City’s multi-product SEZ in Jaipur in exports over the past five years.Exports from MWC-Jaipur recorded a decline of 7%, while those from RIICO’s two SEZs in Sitapura surged by 167% to Rs 10,278 crore. Mahindra World City’s SEZ area covers 1,500 acres compared to the combined area of 120 acres of RIICO’s both units.“MWC-J has not lived up to the expectations. It was meant to promote exports, but the focus seems to have shifted to industries that cater to the domestic market. That’s the reason behind the poor performance,” said a senior member of the Services Export Promotion Council.Over the past five years, exports from MWC-Jaipur grew at a compounded annual growth rate of 10%, while those from gold and jewellery-dedicated SEZs in Sitapura grew at a CAGR of nearly 100%.In fact, MWC-J has been seeking to reduce its export zone by 500 acres to 1,000 acres as it wants to give space for companies that cater to the domestic market.However, RIICO, which holds a 26% stake in the SEZ, has been reluctant to reduce the SEZ area. “MWC-J was given land at cheap rates to promote exports from the state. For catering to companies meeting domestic demand, RIICO already has several industrial zones,” said an industry representative.He said when MWC-Jaipur became operational, it was expected to make Jaipur an IT hub, but that hope did not turn into a reality. “Initially, it attracted a few good companies, but nothing much thereafter,” he said.After the expiry of SEZ benefits in 2020, the company also went slow in attracting export-oriented companies. “They had a good 12 years or so to promote exports before the expiry of SEZ benefits in 2020. Now, they want to reduce the SEZ area because they now want to promote the domestic area,” he added.
RIICO-promoted SEZs eclipse Jaipur’s Mahindra Walled City in exports | Jaipur News
