Getting approvals for setting up units in SEZs will be done electronically from next month – a move which will help entrepreneurs reduce transaction costs, a senior Commerce Ministry official said today.
“Special Economic Zones (SEZs) online means all approvals for setting up units or the infrastructure facilities will be done electronically,” Additional Secretary in the ministry D K Mittal said at an Assocham function here.
Also considered as a green initiative, it would help the units reduce transaction cost and time, he said.
“The benefit would be that units would be able to do transactions very fast. Their transaction cost will be reduced dramatically…We expect that by middle of next month we will be fully on that system,” Mittal said.