what is special economic zone
Answers
Special Economic Zone(SEZ) is a designated area within the country's national boundary exclusively aimed at various economic and commercial purposes such as trade,industrial development,commercial business activities,business investments and so forth.
Explanation:
SEZ basically implies a particular geographical area assigned exclusively for economic and commercial activities and functions in the economy and the economic and business laws and policies applicable for the SEZs are different from the rest of the country which are mainly aimed for industrial and business development in the SEZs. Therefore,the SEZs are aimed at developing and mobilizing the economic and commercial activities in the country to promote long term and sustainable economic growth and development.The separate policies and laws applicable to the SEZs are basically to facilitate this whole process of development and growth process such as tax reliefs for the businesses,establishment of FDIs,administrative assistance and financial subsidy to the small and medium scale enterprises willing to set up and expand business in the SEZs and so forth.
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