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 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.
The world first known instance of SEZ have been found in an industrial park set up in Puerto Rico in But a revolution came inwhen Murlisone Maran, then Commerce Minister, made a tour to the southern provinces of China.
A number of meetings were held in various parts of the country both by the Minister for Commerce and Industry as well as senior officials for this purpose. Around suggestions were received on the draft rules.
After extensive consultations, the SEZ Act,supported by SEZ Rules, came into effect on 10 Februaryproviding for drastic simplification of procedures and for single window clearance on matters relating to central as well as state governments.
Exports from Indian SEZ totalled 2. Indian SEZs have created overjobs as of As per law, SEZ units are deemed to be outside the customs territory of India. Attractive incentive and great investment opportunities have attractive many business tycoons to step into the SEZ all over the country.
The first step was taken by the Mahindra World City at Chennai. Later on, Reliance Industries also signed a pact with the Haryana government for setting up of the Rs.
It is compulsory for every SEZ units in India to achieve positive net foreign exchange earning as per the formula given in paragraph Appendix II para For this particular purpose, a legal undertaking is required which has to be executed by a separate unit of the Development Commissioner.
State Governments play a very active role to play in the establishment of SEZ unit. The State Government has to forward the proposal with its recommendation within 45 days from the date of receipt of such proposal to the Board of Approval.
The applicant also has the option to submit the proposal directly to the Board of Approval. Representative of the State Government.
The SEZ units shall abide by local laws, rules, regulations or laws in regard to area planning, sewerage disposal, pollution control and the like. They shall also comply with industrial and labor laws as may be locally applicable.
Such SEZ shall make security arrangements to fulfill all the requirements of the laws, rules and procedures applicable to such SEZ. The functioning of SEZs is governed by a three-tier administrative set-up. All the major decisions are taken by the Board of Approval.
All post approval clearances in matters related to importer-exporter code number, change in the name of the company or implementing agency; broad banding diversification, etc. A separate units is also there who monitor the performance of the SEZ units on a periodic basis and is governed by the Approval Committee.
SEZ units are liable for penal action under the provision of Foreign Trade Development and Regulation Act, in case of any violation in the rules formulated by the Approval Committee.
Development Commissioner is the nodal officer for SEZs and help in resolution of problem, if any, faced by the units or developer. A free trade zone FTZalso called foreign-trade zone, formerly free port is an area within which goods may be landed, handled, manufactured or reconfigured, and re exported without the intervention of the customs authorities.
Only when the goods are moved to consumers within the country in which the zone is located do they become subject to the prevailing customs duties.
Free-trade zones are organized around major seaports, international airports, and national frontiers—areas with many geographic advantages for trade.
It was hugely successful, and is still in operation today. Industrial parks are usually located on the edges of, or outside the main residential area of a city, and normally provided with good transportation access, including road and rail.Feb 13, · To combat these concerns, the Ministry of Commerce and Industry announced a new initiative to build mega Coastal Economic Zones (CEZs) and reform existing Special Economic Zones (SEZs).
This could well give India’s exports a much-needed boost. A P R I L 2 0 0 8 SPECIAL ECONOMIC ZONES PERFORMANCE, LESSONS LEARNED, AND IMPLICATIONS FOR ZONE DEVELOPMENT Public . Adani Ports & Special Economic Zone Ltd.
engages in the development, operation, and maintenance of port and port based related infrastructure mtb15.com operates through the Port and Special Economic Zone (SEZ) Activities; and Others business mtb15.com Port and SEZ Activities segment involves.
Welcome to Special Economic Zone (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 With a view to overcome the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world.
Special Economic Zones (SEZs), are geographically designated areas of a country set aside for specifically targeted economic activities, supported through special arrangements (that may include laws) and systems that are often different from those that apply in the rest of the country. An Analysis of the Feasibility of Private Land Assembly for Special Economic Zones in India.
Triyakshana Seshadri. Urban Studies, , vol. 49, issue 10, Abstract: India has used export processing zones as a development strategy since the mid s.
The performance of these zones did not meet expectations and, in , the government changed the rules and the name, and .