Social Economic Zone widely known as SEZ has become a chief medium of economic development for India. The SEZ in India is not only objective for an economic growth but also to provide highly developed infrastructure with a superior financial package. Today SEZ have become a big centre of attraction for not only domestic but also for the foreign investment. SEZ in India increased its function from 1st November 2000 to 9th February, 2006, under provision of Foreign Trade Policy. SEZ in India is offered with a limitation or particular need of land that would be around 67680 hectors, which further divides into two specifications or area’s:
1) Processing Area – here SEZ units comes up.
2) Non Processing Area – here supporting infrastructure is formed for the SEZ unit.
What actually interests the investors or the purchasers would be the aim or an idea behind the SEZ and to understand that we can refer to the Social Economic Zone Act, 2005, passed by the parliament on 23rd June 2005.
The main goals are listed below:
Generating of additional economic revenue
Promoting export of goods & services
Promotion of investment from domestic and foreign resources
Generating the employment
Development of infrastructure amenities
With these simplified goals becomes common to receive numerous application for the SEZ needed area. It would be interesting to know that there were 531 formal applications received by the government till date to which there has been approval granted to 174 applications only.
Social Economic Zones in India follows certain easy rules which are listed below:
A simple process to develop, maintain and operate the SEZ in India and for setting the unit and performing business in the SEZ in India.
To follow a single clearance window to set up SEZ in India
Clearance window for the State Government and Central Government
Simplified compliance process and documentation laying more of the emphases of self certifications
With entire processes it becomes equally essential that we are aware about the merits of the SEZ in India.
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