Braving the onslaught of COVID-19 pandemic and the subsequent lockdown, the Visakhapatnam Special Economic Zone (VSEZ) has put up a good show in exports during the current fiscal so far. The zone has achieved exports to the tune of ₹8,287 crore till May 19 as against ₹7,057 crore during the corresponding period last year by achieving a growth rate of 17.43%, probably the biggest achievement so far in any SEZs of the country.
“We have achieved growth in merchandise to the tune of 12.77% besides growth of 20.6% in the services sector. So far Laurus Labs of AP Special Economic Zone, which comes under VSEZ-Duvvada, has exported 11.47 million tablets of HCQ to USA, South Africa, Singapore, Malawi, and Belgium,” said VSEZ Development Commissioner A. Rama Mohan Reddy.
Mr. Reddy told The Hindu that the VSEZ was confident of achieving exports exceeding ₹1 lakh crore this year if the pandemic was brought under control in the first quarter to achieve nearly 10-12 % growth over the previous year. In April and May (till 19th) their exports from pharma and IT were unaffected, which constituted 85% of contribution to exports.
Highest in country
The VSEZ consists of 510 operational units spread over 58 SEZs and has 192 EOUs in AP, Telangana, and Chhattisgarh. Last year, the VSEZ made an impressive growth of 32.79% in exports compared to 2018-19, which was the highest among all the seven zones of the country despite economy slowdown. Converting challenges posed by the COVID-19 pandemic, several export-oriented units, majority into manufacturing non-essential items with huge manpower, have made a mark in making masks and personal protective equipment (PPEs) to meet the growing demand for the coronavirus warriors.
Brandix India Apparels City with a workforce of 22,000 and Pals Plush Toys and Shinetex Apparels have resorted to alternative economic activity immediately after the lockdown.
