Hello,
I learned what is special economic zone when I was preparing for UPSC, so I can tell you about it. A special economic zone is an enclave within a country that is generally duty-free and has different commercial and business laws chiefly to create employment and encourage investment. Besides these, special economic zones are created also to better administer these areas to help increase the ease of doing business. As of February 2022, 378 Special Economic Zones are notified, out of which 265 are operational.
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Now you know what is special economic zone in India.
Facilities and IncentivesThe government provides several incentives for businesses and companies established in SEZs. Here are a few of them:
Duty-free import or domestic procurement of goods for maintaining, operating, and developing special economic zone units.
Export income for SEZ units is 100% exempted under the IT Act for the first five years, 50 percent for the next five years, and 50percent of the ploughed back export profit for the next five years. (Sunset Clause for Units became effective from 2020).
Single window clearance for State and Central level approvals.
There isn’t a requirement for a license for import.
100% FDI is allowed in the manufacturing sector except for a few segments.
There isn’t any need for separate documentation for export-import policy and customs.
Several SEZs offer ready-to-use space and developed plots.
Apart from the companies operating in special economic zones, developers of special economic zones also get many incentives and benefits from the government
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I hope I cleared all your doubts on what is special economic zone.
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Authors Of The Question
What is special economic zone?
Deepak
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2 Year
2022-08-11T18:59:42+00:00 2022-08-11T19:20:25+00:00Comment
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