Advantages of EPZ Units in India is that it has given a major boost to the economic growth and industrialization of the country. The Export Processing Zones in India are specialized areas in the country where quotas and tariffs are eliminated.
EPZs in India can also be defined as production centers where large number of labors is employed. The EPZ Units in India involve the import of raw materials and the export of finished goods. The main objectives in setting up EPZ Units in India are to increase foreign exchange earnings and exports. The government of India started setting up EPZ Units in India as early as 1960s. The various Advantages of EPZ Units in India are that 100% foreign direct investment (FDI) are allowed for all the manufacturing activities, there are income tax holidays, and exemption from VAT, import duty, and also various other taxes.
Further the various Advantages of EPZ Units in India are like exemption from duties on all goods that are imported for the purpose of project development and procedural efficiency for fast dispute resolution, clearances, approvals, and customs procedures. Also the various Advantages of EPZ Units in India are that they have a host of private and public bank chains that offer to the business houses financial assistance, along with other facilities like proper sewage and drainage system, and a pollution-free environment. Advantages of EPZ Units in India include in house clearance facilities from customs, abundant supply of trained manpower, and convenient access to railway station and airport.
The various Advantages of EPZ Units in India are that there are no restrictions on foreign ownerships in developing the infrastructure of the Zone and also there are no restrictions on repatriation. Also the various Advantages of EPZ Units in India are that handling of bulk containers and artificial harbor are made operational all through out the year, simplification of procedures related to the labor acts, and exemption from VAT/ excise on goods that are sourced domestically for the purpose of project development.
The government of India has taken all measures to ensure Advantages of EPZ Units in India. This in turn will lead to the growth and prosperity of the country. The various efforts of the government has paid off for the amount of export from the Export Processing Zones in India has increased over the years from Rs. 1 million in 1966 to more than Rs. 97727 million in 2002. Further the number of people employed in Export Processing Zones has increased from 70 people in 1966 to over 89,000 people in 2002. Also the total foreign exchange earnings have registered growth from Rs. 0.16 million in 1966 to over Rs. 43195 million in 2002. All this shows the Advantages of EPZ Units in India.
The various Export Processing Units in India are:
- Madras Export Processing Zone (MEPZ), Madras, Tamil Nadu
- Cochin Export Processing Zone (CEPZ), Cochin, Kerala
- Falta Export Processing Zone (FEPZ), Falta,West Bengal
- Visakhapatnam Export Processing Zone (VEPZ), Visakhapatnam, Andhra Pradesh
- Santa Cruz Electronic Export Processing Zone (SEEPZ), S. Cruz, Maharashtra
- Noida Export Processing Zone (NEPZ), Noida, Uttar Pradesh
- Kandla Free Trade Zone (KAFTZ), Kandla, Gujarat
Advantages of EPZ Units in India has attracted many companies to set up their units in the Export Processing Zones in the country. The government of India must continue to provide the best possible facilities to the EPZ Units in India for this in turn will lead to the economic growth of the country.
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