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Question
Explain the objectives and characteristics of SEZs.
Solution
The Special Economic Zones (SEZs) policy was announced in April 2000.
The major objectives of SEZs are:
- To enhance foreign investment especially to attract foreign direct investment (FDI) and thereby increasing GDP.
- To increase shares in global export.
- To generate additional economic activity.
- To create employment opportunities.
- To develop infrastructure facilities.
- To exchange technology in the global market.
Main characteristics of SEZs:
Geographically demarked area with physical security.
- Administrated by a single body/authority.
- Streamlined procedures.
- Having a separate custom area
- Governed by more liberal economic laws.
- Greater freedom to the firms located in SEZs.
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