EPZ and Export Promotion go together with the EPZs being set up in India to promote export in the country. The Export Promotion and EPZ in India have given a major boost to the Indian economy and thus have helped the country to grow and prosper.
Export Processing Zones in India are specified areas in the country where quotas and tariffs are eliminated in the hope of attracting foreign investments and new business. EPZs in India can also be defined as manufacturing centers, which are labor intensive and where goods are imported, and from where finished products are exported. The main objectives behind the setting up of EPZs in India are to encourage export and foreign export earnings. Thus it can be said that promotion of export is the aim of the EPZs in India. The Indian government has encouraged the setting up of EPZs in the country since the 1960s.
The government of India in an attempt to promote export from EPZs in the country has tried to provide the zones with an internationally competitive environment. The various incentives given by the government of India to the EPZs in the country in order to encourage export are an efficient and modern infrastructure that is provided to the units within the EPZs. This helps the units to manufacture goods that are of world-class standards and which in turn are accepted in the international markets. Further the various incentives provided by the Indian government to the EPZs in the country in order to promote export are that the units inside the EPZs are given several fiscal and non-fiscal concessions. This helps the units to manufacture quality goods at low costs.
EPZ and Export Promotion both got a major boost due to the various incentives that has been provided by the government of India. The exports from EPZs in India increased from Rs. 1 million in 1966 to more than Rs. 97727 million in 2002. The net foreign exchange earnings from the EPZs in India increased from Rs. 0.16 million in 1966 to over Rs. 43195 million in 2002. This shows that the amount of export from the EPZs in India has registered a very significant growth. The various advantages of export promotion in the EPZs in India are that the increase in the amount of export created a lot of employment opportunities for the people in the country. Further the various advantages of export promotion in the EPZs in India are that the growth in the amount of export resulted in the country earning foreign exchange in huge amounts. This gave a major boost to the economy of the country.
The various Export Processing Zones in India are:
- Noida Export Processing Zone (NEPZ), Noida, Uttar Pradesh
- Visakhapatnam Export Processing Zone (VEPZ), Visakhapatnam, Andhra Pradesh
- Kandla Free Trade Zone (KAFTZ), Kandla, Gujarat
- Madras Export Processing Zone (MEPZ), Madras, Tamil Nadu
- Falta Export Processing Zone (FEPZ), Falta,West Bengal
- Santa Cruz Electronic Export Processing Zone (SEEPZ), S. Cruz, Maharashtra
- Cochin Export Processing Zone (CEPZ), Cochin, Kerala
EPZ and Export Promotion thus is interconnected and the government of India has been taking efforts to encourage export from the EPZs in the country. For this in its turn will help India to flourish and prosper.
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