Question

When were the Special Economic Zones (SEZ) Implemented ? State the main purpose of SEZ.​

Answer 1

Answer:

In 2006

Explanation:

The main objectives of the SEZ Scheme is generation of additional economic activity, promotion of exports of goods and services, foreign sources, creation of employment opportunities along with the development of infrastructure facilities.

Answer 2

Answer:

The Special Economic Zone (SEZ) policy in India first came into inception on April 1, 2000. The prime objective was to enhance foreign investment and provide an internationally competitive and hassle free environment for exports. The idea was to promote exports from the country and realising the need that level playing field must be made available to the domestic enterprises and manufacturers to be competitive globally.

Explanation:

The policy relating to SEZs, so far contained in the foreign trade policy, was originally implemented through piecemeal and ad hoc amendments to different laws, besides executive orders. In order to avoid these pitfalls and to give a long-term and stable policy framework with minimum regulation, the SEZ Act, '05, was enacted. The Act provides the umbrella legal framework, covering all important legal and regulatory aspects of SEZ development as well as for units operating in SEZs.

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