Special economic zones (SEZs) as they are known have been the subject of debate across various economic quarters around the world. Essentially, a SEZ is a subset within the territorial boundaries of a state with entitlements to certain benefits, with the objective to fulfil microeconomic and macroeconomic objectives of a state.
India was the first country in Asia to recognize the effectiveness of the export processing zone (EPZ) model in promoting exports, setting up its first EPZ in Kandla in 1965. Its special economic zones policy was announced much later, in 2000, as a part of its export-import policy.
SEZ legislation
The SEZ policy sought to address myriad issues relating to multiple regulatory approvals, absence of world-class infrastructure and unstable fiscal regime. The Special Economic Zones Act was passed by the parliament in 2005.
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Ranjana Roy Gawai is the managing partner and Vasudha Sen is a team leader at RRG & Associates.
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