what are the characteristic of sez
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In India, Special Economic Zones Act was passed in 2005 and came into effect in 2006.It was introduced with a view to overcome the problems related to control and clearances, developing infrastructure facilitates, creating employment opportunities, promotion of goods and services and attract larger foreign investment in India.
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special economic zone (SEZ) is an area in which business and trade laws are different from rest of the country. SEZs are located within a country's national borders, and their aims include: increased trade, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced. These policies typically regard investing, taxation, trading, quotas, customsand labour regulations. Additionally, companies may be offered tax holidays, where upon establishing in a zone they are granted a period of lower taxation.
The creation of special economic zones by the host country may be motivated by the desire to attract foreign direct investment(FDI).[1][2] The benefits a company gains by being in a special economic zone may mean that it can produce and trade goods at a lower price, aimed at being globally competitive.[1][3]In some countries the zones have been criticized for being little more than labor camps, with workers denied fundamental labor rights.[4][5]
The creation of special economic zones by the host country may be motivated by the desire to attract foreign direct investment(FDI).[1][2] The benefits a company gains by being in a special economic zone may mean that it can produce and trade goods at a lower price, aimed at being globally competitive.[1][3]In some countries the zones have been criticized for being little more than labor camps, with workers denied fundamental labor rights.[4][5]
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