The government has given more time to 211 special economic zone (SEZ) developers during the last three years to execute their projects.

The letter of approval granted to SEZ developers is valid for three years within which ‘effective steps’ are to be taken by the developers to implement the approved project.

A 19-member inter-ministerial body, the Board of Approval (BoA), which deals with SEZ related issues may, on an application by the developer, extend the validity period of the letter of approval.

In the last three years, including the current year, 224 developers have sought extension for the execution of the projects of which, 211 have got the nod for extension.

The large number of extensions are showing the loss of interest of investors due to global economic slowdown and imposition of minimum alternate tax (MAT) and dividend distribution tax (DDT) on these zones.

As of now, 352 such zones have been notified by the BoA out of which 199 are operational.

Recently, in a BoA meeting, the government approved the applications of as many as 56 SEZ developers to surrender their projects.