Special Economic Zone – Special economic zone in india

meaning of special economic zone

SPECIAL ECONOMIC ZONE (SEZ)

Special Economic Zone in India

After realizing the necessity to reinforce the foreign investment and to spice up the exports from the country, the govt. of Asian nation (GoI) initial introduced the thought of (SEZ) within the Export-Import Policy 2000.

special economic zone in india

SEZ area unit thought of as driving forces which may boost producing increase exports and build employment.Components of a Special Economic Zone embrace infrastructural facilities like ,airports, roads,transport system, ports, hospitals, telecom, hotels, instructional establishments, residential/industrial/commercial complexes, leisure and amusement units, water sanitation and sewerage system and the other facility needed for development of the Zone,special economic zones appreciate varied money benefits as well as edges beneath taxation, Customs, Excise, VAT, Service Tax, so forth and so area unit viewed as a promising business destination.

The thought of SEZ was introduced by the Ministry of Commerce in 1980 wide resolution dated thirty first December 1980.

The theme is enclosed beneath Chapter six of Foreign national trading policy as amended from time to time and Chapter six of reference work of procedures, vol 1.amended from time to time and chapter six of reference work of procedures, vol 1.

for several years the theme seen varied changes and its scope additionally enhanced well as compared to the initial theme, that was for producing sector with sure minimum worth

In the late Nineties, once the then Commerce Minister of Asian nation, late Murasoli Maran, visited the special economic zones (SEZS) in China, he was galvanized by what he saw of Asian nation (GoI) initial introduced the thought of SEZ within the Export-Import Policy 2000 with a read to produce Associate in Nursing internationally competitive and problem free surroundings.

As the performance of EPZS fell way in need of expectations thanks to varied reasons, the SEZS were formed as a way larger and a lot of economical type.

The policy provides for putting in of SEZ’s within the public, private, joint sector or by State Governments.

After the introduction of SEZ theme within the EXIM Policy from 01.04.2000, all existing FTZ/EPZ are reborn to SEZ.

special economic zone

What is Special in Special Economic Zone

The term “special” suggests that special economic systems and policies.

In different words, the central government offers special policies and versatile measures to special economic zones, permitting them to use special economic management systems.

Special tax incentives for foreign investment in Special Economic Zones.

Economic characteristics area unit indicated as “4 premises”:

1. Constructions primarily rely upon attracting and exploitation foreign capitals;

2. the first economic forms area unit Sino-foreign joint ventures and partnerships additionally as completely foreign-owned enterprises;

3. product area unit primarily export oriented;

4. Economic activities area unit primarily driven by the market.

Special Economic Zones area unit listed severally within the National set up (including the money Plan) and have province-level authority over economic administration.

The main objectives of the SEZ theme may be summarized as:

Promote sectors like natural philosophy, info technology, R&D, tourism.

Infrastructure and human resource development that area unit thought of to be strategically necessary to the economy.

Special economic zones in India

Currently there are eight functional SEZs located at Santa Cruz (Maharashtra), Cochin (Kerala), Kandla and Surat (Gujarat), Chennai (Tamil Nadu), Visakhapatnam (Andhra Pradesh), Falta (West Bengal) and Noida (Uttar Pradesh).

In addition, an SEZ in Indore (Madhya Pradesh) is now ready for operation.

In addition, 18 approvals have been granted for the establishment of SEZs at Positra (Gujarat), Navi Mumbai and Kopata (Maharashtra), Nanguneri (Tamil Nadu), Kulpi and Salt Lake (West Bengal), Pardeep

Kanpur, Moradabad and Greater Noida (UP), Visakhapatnam and Kakinada (Andhra Pradesh), Vallarpadam / Puthuvyupen (Kerala), Hassan (Karnataka), Jaipur and Jodhpur (Rajasthan) based on proposals received from the state governments.

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By Avnish Singh

Hii. I am Avnish Singh, By education i am a mechanical engineer and and a passionate blogger and freelancer. In Mera Up Bihar I write interesting articles which provides useful information to my readers.

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