The number of
Special Economic Zones in India has increased at a very fast pace over the last few years. In India, Special Economic Zones are being set up in many states of the country due to the efforts that are being undertaken by the Indian government.
Special Economic Zone means a specified area that has liberal economic laws in comparison with the state's economic laws. The government of India has encouraged the setting up of SEZs in the country for they help in the economic and industrial growth of a country. This is the reason that the Indian government has simplified the procedure for the setting up of SEZ unit in the country.
It follows the system of single window clearance for the establishment of a SEZ and the Board of Approval that has been set up by the Central government approves the setting up of a SEZ.
The Development Commissioner who looks after the proper functioning of the SEZ heads Special Economic Zones in India. The various incentives given to the Special Economic Zones in India are that the units within the SEZ are exempted from paying 100% income tax on the export income for a period of 5 years and after that they have an exemption of 50% income tax for a period of 5 years. Further the various incentives that are given to the Special Economic Zones in India are that the local procurement of goods that are used for the operation, maintenance, and development of the units of SEZ are duty free and exempt from sales tax, mandi tax, turnover tax, and electricity cess.
In India SEZs are given various incentives such as foreign direct investments up to 100% are allowed and that the units can use the goods that are duty free in a period of 5 years. The companies are eager to set up their units in the Special Economic Zones in India for they get so many incentives and this helps in increasing their profit level. The Board of Approval has given approval to around 341 SEZs in India and the total land that will be acquired for setting up of the SEZs will be more than 44268 hectares. The SEZs in India that are being set up involve the manufacture of leather footwear, engineering, apparels & textiles, and automobile components.
The major Special Economic Zones in India are:
- Navi Mumbai Special Economic Zone (NMSEZ)
- Andhra Pradesh Special Economic Zone (APSEZ)
- Kandla Special Economic Zone (KASEZ)
- Surat Special Economic Zone (SURSEZ)
- Maha Mumbai Special Economic Zone (MMSEZ)
- Madras Special Economic Zone (MEPZ)
Special Economic Zones in India has flourished due to the efforts that have been taken by the government of India. And so in the future also the Indian government should make such policies with regard to SEZs that they increase in numbers for this will in turn bring growth and prosperity for the country.
For further information on Special Economic Zones in India, please refer to the following sites:
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