Govt grants SEZ status to Manikanchan jewellery park

KOLKATA: Union Commerce Ministry has given ''in principle'' approval to granting the status of Special Economic Zone to Manikanchan, the Gem and Jewellery Park, making it the first of its kind in Eastern India, West Bengal Industrial Development Corporation on Thursday.
The park is being developed under a joint venture with ICICI Limited and WBIDC and its first phase is likely to be completed by April, 2003, a release issued by WBIDC said.
The objective of the park was to extend support to jewellery industry by minimising document processing and providing a duty free enclave.
Units at Maikanchan would be treated as offshore operations enjoying exemption from customs duty on imports and from central excise duty on procurement of capital goods, raw materials and consumable spares, the release said.