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Special Economic Zone (SEZ) and its Aim. #SEZ #SpecialEconomicZone . #AimOfSEZ

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  SEZ is essentially an industrial cluster meant largely for exports.

  An SEZ is governed by a special set of rules aimed at attracting direct investment for export-oriented production.

  They are also known as ‘Export Processing Zones’ or ‘Free Trade Zones’.

Salient features of SEZs are:

 Both manufacturing of goods or service are allowed
 No routine examination by customs authorities of export/import cargo
 No requirement for import license
 Units in SEZs have to become net foreign exchange earners within 3 years
 Domestic sales from them are subject to full customs duty and the import policy in force.
 Developing self-sustaining industrial townships so that the increased economic activity does not create pressure on the existing infrastructure.
 SEZ developer would be responsible for all civic amenities and infrastructure including roads, sewerage, open spaces, green spaces, education facilities, power, water supply and housing etc.

  SEZ is an improvement to the concept of Export Processing Zones.

  India was one of the 1st in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports

  Asia’s first EPZ set up in Kandla in 1965

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Aim of SEZ

 

  Need to aggressively promote exports of goods and services in highly competitive global market place to provide sustained growth and creation of formal employment

  Create a strong manufacturing base in the country

  Improve the balance of trade

 

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