No more 'in-principle' nod for IT SEZs

 "We have decided not to give in-principle approvals for IT SEZs. No cap is being put, but if any company comes with land already acquired we will give a formal approval," he said.

 Pillai said the board of approvals for SEZs in the commerce ministry has so far given formal clearance to 148 IT SEZs and in-principle approval to 70 SEZs.

 He ruled out putting a cap on the number of SEZs in other sectors such as textiles or even multi-product zones.

 Pillai also said the ministry would modify the SEZ rules to simplify procedures. There was no need for an amendment of the SEZ Act as demanded by left parties, he added.