Special Economic Zones
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Madras Special Economic Zone (MEPZ)
Madras Special Economic Zone (MEPZ) was set up in 1984 with the aim of encouraging earnings in foreign exchange, create more employment opportunities, and increase foreign direct investments. The location of Madras Special Economic Zone (MEPZ) is Chennai which is in the Indian state of Tamil Nadu.
Madras Special Economic Zone (MEPZ) is under the Ministry of Commerce and Industries for administrative control and it is headed by the Development Commissioner. The Special Economic Zone of Madras was changed into a special economic zone on 1st January, 2003 and it is spread over an area of 262 acres.. The various facilities provided in Madras Special Economic Zone (MEPZ) for the units are an environment that is pollution free, power supply that is uninterrupted, proximity to railway station and airport, customs in- house clearance facilities, and abundant supply of managerial and skilled manpower.
The various services offered by Madras Special Economic Zone (MEPZ) to the units that have been set up in the SEZ are release of telephone and water connection, clearing proposals for approval that are automatic which includes foreign direct investments, allotment of ready made sheds and land, and allotting the code number for import and export. Further the services offered by the Madras Special Economic Zone (MEPZ) are clearance of goods for selling it in DTA, providing security services that is round the clock, and issuing green card.
As Madras Special Economic Zone (MEPZ) provided so many facilities and services, this attracted many companies to set up their units in the SEZ. The number of functional units in Madras Special Economic Zone (MEPZ) is 101 and it is a multi-product Zone. The import in the Madras Special Economic Zone (MEPZ) amounted to ` 993 crore in 2005- 2006 and the next year, this figure increased to ` 1221 crore. The export from Madras Special Economic Zone (MEPZ) amounted to ` 1860 crore in 2005- 2006 and the next year, this figure increased to ` 2383 crore. The sectors that contribute the most to export turnover are garments, engineering products, software, and automobile ancillaries.
Madras Special Economic Zone (MEPZ) as seen has provided many facilities and services to the units that has been set up in the SEZ. And this has further encouraged many companies to establish their units in the SEZ. In order to see that this continues, the state government should take measures to provide even more facilities in Madras Special Economic Zone (MEPZ).
Madras Special Economic Zone (MEPZ) is under the Ministry of Commerce and Industries for administrative control and it is headed by the Development Commissioner. The Special Economic Zone of Madras was changed into a special economic zone on 1st January, 2003 and it is spread over an area of 262 acres.. The various facilities provided in Madras Special Economic Zone (MEPZ) for the units are an environment that is pollution free, power supply that is uninterrupted, proximity to railway station and airport, customs in- house clearance facilities, and abundant supply of managerial and skilled manpower.
As Madras Special Economic Zone (MEPZ) provided so many facilities and services, this attracted many companies to set up their units in the SEZ. The number of functional units in Madras Special Economic Zone (MEPZ) is 101 and it is a multi-product Zone. The import in the Madras Special Economic Zone (MEPZ) amounted to ` 993 crore in 2005- 2006 and the next year, this figure increased to ` 1221 crore. The export from Madras Special Economic Zone (MEPZ) amounted to ` 1860 crore in 2005- 2006 and the next year, this figure increased to ` 2383 crore. The sectors that contribute the most to export turnover are garments, engineering products, software, and automobile ancillaries.
Madras Special Economic Zone (MEPZ) as seen has provided many facilities and services to the units that has been set up in the SEZ. And this has further encouraged many companies to establish their units in the SEZ. In order to see that this continues, the state government should take measures to provide even more facilities in Madras Special Economic Zone (MEPZ).
