Essay on special economic zones

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Essay on special economic zones

Special Economic Zones in India: Objectives, Objections and Scenario Article shared by: Special Economic Zones SEZs are specially earmarked geographical zones, which can be developed by a private sector or public sector developer or in a public private partnership PPP model.

In these zones, units function under rules and regulations different from those under which other units in the country operate. The units in the SEZs have to be net foreign-exchange earners but they are not subjected to pre-determined value addition or asked to fulfill minimum export performance requirements.

Approved industrial units, banks, insurance, etc.

Essay on special economic zones

SEZs in India are modified versions of the earlier export processing zones. The Act came into force on February 9, State governments will have to attract industry by framing bold policies and providing world-class external infrastructure to the zone.

They also provide for setting up multi-product and product-specific zones while also making provisions for services sector SEZs. It was clarified that there would be no relaxation of labour laws in these zones though some states had sought relaxation of these provisions.

Other laws of the land would also prevail, but for the purposes of customs duty levies, the zones would be treated as foreign territory. In an era of intense competition for markets and investment, SEZs attract export-oriented foreign direct investment and develop industrial skills and resources to successfully compete in the international economy.

They can promote foreign trade. They can create employment. Why Opt for SEZs: The SEZs provide facilities to help support production units which can match the international level in quality.

They promote economic activity through backward and forward linkages with domestic economies and aid in development of technological and learning spillovers. They are one way of ensuring infrastructure and other facilities come up across the country—a difficult thing to ensure otherwise.

The world-class infrastructure set up will cut down the cost of conducting business and render the industry competitive globally. The infrastructure will include electricity availability at competitive rates, capital availability at internationally benchmarked rates, good transport links to check shipment delays and flexible labour laws.

The SEZs are duty-free enclaves and deemed foreign territories where trade operations, duties and tariffs are concerned. The exemptions given to SEZs mean that infrastructure facilities are available at lower cost.

Economists argue that they attract investment by extending lopsided incentives rather than creating competitive conditions. Proper location, incentives, policies, linkage between them and the domestic sector and sufficient trained human capital are all necessary to prop up the SEZs.

There should also be the back-up of accurate identification of markets, multi-market strategy and other factors. It is also feared that as the policy inside the SEZs is quite attractive, investors may relocate their operations here to benefit from the facilities.

So the incentives to firms may put a fiscal burden on the taxpayer. The costs of maintaining zone privileges—direct and indirect—would lead to pockets of prosperity and the economy as a whole in the true sense would not benefit. Special tariff zones that are being created go against canons of public finance that advocate uniformity.

There is also the question whether the selectivity inherent in the SEZ policy might slow down action on the more difficult work of improving infrastructure for the whole country.

Critics also fear that SEZs would come up in those states with a strong tradition of manufacturing and exports: Apprehensions have been expressed on misuse of the scheme and relocation of existing industries into SEZs.Special Economic Zones (SEZ) in India.

Introduction A Special Economic Zone in short SEZ is a geographically bound zones where the economic laws in matters related to export and import are more broadminded and liberal as compared to rest parts of the country. May 23,  · The Ayme family of Tingo, Ecuador, was pictured with a haul of vegetables.

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Essay on special economic zones

Published: Mon, 5 Dec A Special Economic Zone (SEZ) is a geographical region that has different economic and other laws and is more free market oriented .

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