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Question
Explain any five facilities available in the special economic zones developed by the Central and State Governments to attract foreign investment.
Solution
The government attracts foreign investment in the following ways:
- Allowing foreign companies as tax free for the first five years in the industrial zones or SEZs (special economic zones).
- Industrial zones called SEZs (special economic zones) are being set up. SEZs are to have world class facilities, such as electricity, water, roads, transport, storage, recreational & educational facilities.
- flexibility in labour laws.
- Establishment of Special Economic Zones, which would provide the industries and factories world class facilities like constant electricity, water, etc.
- There was an exemption for industries set up in desired locations from paying taxes for the first 5 years.
- These industries and factories were also allowed flexibility in labour laws, thus not making it compulsory to employ workers on a permanent basis.
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