The Erudites for SEZ

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Concept of SEZ

India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia's first EPZ set up in Kandla in 1965. With a view to overcome the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and an unstable fiscal regime and with a view to attract larger foreign investments in India, the Special Economic Zones (SEZs) Policy was announced in April 2000.

WHAT IS SEZ? A SEZ is a specifically delineated duty-free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tarrifs. Goods and services going into the SEZ area from Domestic Taarif Area (DTA) shall be treated as if these are being imported.

THE SEZ POLICY This policy intended to make SEZs an engine for economic growth supported by quality infrastructure complemented by an attractive fiscal package, both at the Centre and the State level, with the minimum possible regulations. SEZs in India functioned from 1.11.2000 to 09.02.2006 under the provisions of the Foreign Trade Policy and fiscal incentives were made effective through the provisions of relevant statutes.

SEZ IN INDIA

 

 

INDUSTRIALIZATION THROUGH SEZ

THE CHINESE STORY SEZ in China were a highly visible component of former Chinese Premier Deng Xiaping's economic modernization programme. Original four SEZ in China were Shrnzen, Zhuhai, Shantou and Xiamen established in1979. China has accumulated considerable experience with SEZs. China's approach has been gradual. It has set up five SEZ only and all at strategic locations, that is close to ports and major industrial locations.

THE INDIAN STORY India's Special Economic Zones are scattered around the country from Surat to Kochi to NOIDA, near New Delhi. FTP(2004-09) clearly enunciates that SEZ are growth engines that can boost manufacturing process. India's SEZ policy was incorporated in the EXIM policy of 2001-02, a decade after launch of economic reforms, considerably lagging China. In India, SEZ has been approved across the length and breadth of the country.

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