Question

Write a short note of Special Economic Zones (SEZ)

Answer 1

Special Economic Zones are defined as specific geographical areas, in which the laws for regulation are different from the laws followed by that country in which the region lies. SEZ are the specific areas which are established to to encourage free manufacturing and export activities. In the year 2000-01, during the annual EXIM policy of the government, the setting up of SEZs were announced by the government in order to accelerate the trade process in the country. 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.

Answer 2

Question: Write a note on SEZs.

Answer:

SEZs[Special Economic Zones] are industrial zones which have world class facilities, such as electricity, water, roads, transport, storage, recreational and educational facilities, etc...

Companies setting up production units in the SEZs do not have to pay taxes for initial period of 5 years...

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