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What do you mean by SEZ?
A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country’s national borders. Their aims include increased trade balance, employment, increased investment, job creation and effective administration.
What is an SEZ in India?
Welcome to Special Economic Zone (SEZ). India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia’s first EPZ set up in Kandla in 1965.
What does SEZ stand for in economics?
Overview of the SEZ Programme Special Economic Zones (SEZs), are geographically designated areas of a country set aside for specifically targeted economic activities, supported through special arrangements (that may include laws) and systems that are often different from those that apply in the rest of the country.
What is SEZ and its advantages?
The SEZ (Special Economic Zones) are a specific geographical area that has economic laws different from a country’s typical economic laws. SEZs have hassle-free laws wherein companies can enjoy various benefits for carrying out their businesses like tax-free imports, etc.
What is the main aim of SEZ?
The main objectives of the SEZ Scheme is generation of additional economic activity, promotion of exports of goods and services, promotion of investment from domestic and foreign sources, creation of employment opportunities along with the development of infrastructure facilities.
Who introduced SEZ in India?
The Special Economic Zones Act, 2005, was passed by Parliament in May, 2005 which received Presidential assent on the 23rd of June, 2005.
What is an example of an SEZ?
The term special economic zones (SEZs) covers a broad range of zones, such as free-trade zones, export-processing zones, industrial parks, economic and technology-development zones, high-tech zones, science and technology parks, free ports, enterprise zones, and others.
Who is the founder of SEZ?
The goal of an SEZ is to increase foreign investment. One of the earliest and the most famous SEZs was founded by the government of the People’s Republic of China under Deng Xiaoping in the early 1980s. The most successful SEZ in China is in Shenzhen.
How many types of SEZ are there?
The category ‘SEZ’ covers a broad range of more specific zone types, including free-trade zones (FTZ), export processing zones (EPZ), free zones (FZ), industrial estates (IE), free ports, urban enterprise zones and others.
What is SEZ Ncert?
SEZs are to have world class facilities: electricity, water, roads, transport, storage, recreational and educational facilities. Companies who set up production units in the SEZs do not have to pay taxes for an initial period of five years.