This document discusses Special Economic Zones (SEZs) in India. It begins by defining an SEZ as a geographical region with different economic laws than the rest of the country. SEZs aim to promote rapid economic growth through tax incentives and foreign investment. The document then provides a brief history of SEZs, including their origins in China and other countries. It outlines the objectives and incentives of SEZs in India, including tax exemptions and infrastructure development. The role, categories, and current status of SEZs in India are examined. In conclusion, the document notes that while SEZs have boosted the Indian economy, implementation has faced challenges due to inadequate planning, infrastructure and policies.
Brief Explanation about Special Economic Zones in India and its benefits to the Indian Economy and how these SEZ's are helping the economy to grow and create employment in the Indian undeveloped Sectors.
Basic understanding of SEZs, Indian SEZs, Capability and need of SEZs in an Economy like India, Statewise number of SEZs in India, Upcoming SEZs, Exports from Indian SEZs, Incentives and Benefits of SEZs, Advantages and Disadvantages of SEZs
Brief Explanation about Special Economic Zones in India and its benefits to the Indian Economy and how these SEZ's are helping the economy to grow and create employment in the Indian undeveloped Sectors.
Basic understanding of SEZs, Indian SEZs, Capability and need of SEZs in an Economy like India, Statewise number of SEZs in India, Upcoming SEZs, Exports from Indian SEZs, Incentives and Benefits of SEZs, Advantages and Disadvantages of SEZs
Special Economic Zone is the most discussed and disputed topic in India. For the economic development and to encourage export of various things and to take place in globalization all the countries are contributing themselves and trying for it consciously and SEZ is one of the parts of this. All over the opposition to SEZ, but for financial development, export growth, increase employment of the country, SEZ is essential. Government has passed special SEZ Act and implementation is doing. It is necessary to see the SEZ in positive view. SEZ projects should be started in backward area for
development of regional equilibrium. SEZ have been acquired land from the farmers, government should be done rehabilitation and included them as shareholders of the SEZ projects as well as the family members of the farmers should be reserved some vacancies of employment. Employment should be provided to the local workers, for existence of SSI to prepare list of articles of SSI, to limitations of maximum land acquired for SEZ etc. options should be considered by Government then farmers are helping to SEZ and economic development is done through SEZ.
In my small presentation, i have discussed the history of SEZ and its types in 1st part and in 2nd part i have discussed two controversies regarding SEZ.
Special Economic Zones of India
A special economic zone is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increased investment, job creation and effective administration.
An SEZ is an enclave within a country that is typically duty-free and has different business and commercial laws chiefly to encourage investment and create employment. Apart from generating employment opportunities and promoting investment, SEZs are created also to better administer these areas, thereby increasing the ease of doing business.
Special Economic Zone is the most discussed and disputed topic in India. For the economic development and to encourage export of various things and to take place in globalization all the countries are contributing themselves and trying for it consciously and SEZ is one of the parts of this. All over the opposition to SEZ, but for financial development, export growth, increase employment of the country, SEZ is essential. Government has passed special SEZ Act and implementation is doing. It is necessary to see the SEZ in positive view. SEZ projects should be started in backward area for
development of regional equilibrium. SEZ have been acquired land from the farmers, government should be done rehabilitation and included them as shareholders of the SEZ projects as well as the family members of the farmers should be reserved some vacancies of employment. Employment should be provided to the local workers, for existence of SSI to prepare list of articles of SSI, to limitations of maximum land acquired for SEZ etc. options should be considered by Government then farmers are helping to SEZ and economic development is done through SEZ.
In my small presentation, i have discussed the history of SEZ and its types in 1st part and in 2nd part i have discussed two controversies regarding SEZ.
Special Economic Zones of India
A special economic zone is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increased investment, job creation and effective administration.
An SEZ is an enclave within a country that is typically duty-free and has different business and commercial laws chiefly to encourage investment and create employment. Apart from generating employment opportunities and promoting investment, SEZs are created also to better administer these areas, thereby increasing the ease of doing business.
Introduction
History
Types of SEZ
Benefits to country
Current scenario of India v/s China
India v/s China comparison
Problems in India
Conclusion
Reference
The presentation explains Special Economic Zones in context of the law of export and import regulation. The topic deals with the objectives , salient features, facilities and controversy regarding SEZ.
The Chord Group is the largest developer of knowledge-based Special Economic Free Zones in the world. With over 25 years’ experience, 22 offices around the world and over 500 professionals, we help create the top 1% of Special Economic Zones in the world.”
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2. WHAT IS SPECIAL ECONOMICS ZONE ?
• THE Special Economic Zone (SEZ) is a geographical region that
has economic laws different from a country’s generally apllicable
economic laws.
• According to WORLD BANK in 2008, the modern day Special
Economic Zone typically includes a ‘geographically limited
area,usually physically secured; single management or
administration; eligibility for benefits based upon physical
location within the zone; separate customs area (duty free
benefits) and streamlined procedures.’
• SEZ is a trade capacity development tool , with the goal to
promote rapid economic growth by using tax and business
incentives to attract foreign investment and technology.
3. Historical Development of SEZ
SEZ act introduces in India 2005
Revolution came in 2000 incorporation of SEZ in EXIM policy
China made the SEZ’s a global concept
Largest number of SEZ’s Shenzen 1980
Ireland and Taiwan followed 1960
First known SEZ Puerto Rico 1947
4. To be continued…
Establishing SEZs is also recognized as communications
development methods.
• Full law and rules effected Feb 2006.
• Special Economic Zones Act may 2005.
• New Policy in April 2000.
• Export.
• Processing Zone (EPZ policy 1965)
• 1st EPZ was setup in Kandla(Gujrat).
• In 1900’s as a part reforms powers delegated to zone authorities
Chronology of SEZ framework.
5. Categories that SEZ includes
Free Trade Zones (FTZ) ;-Also known as export processing
zone. It is an area within which goods may be landed, handled,
manufactured or reconfigured, and re exported without the
intervention of the custom authorities. The world’s first Free
Trade Zone was established in Shannon, Ireland.
Free Port Or Free Zones (FZ):-Most commonly a free port is a
special customs regulations.
Industrial Parks Or Industrial Estates (IE):-It is an area zoned
and planned for the purpose of industrial development. An
example can be large number of industrial Estates located
along the river Thames in the Thames Gateway area of
London.
6. To be continued …
Free Economic Zones:-Free economics zones or free zones refer to
designated area in which companies are taxed very lightly or not at
all in order to encourage economic activity.
Urban Enterprise Zones:-It is an area in which policies to
encourage economic growth and development are implemented.
Some EPZ’s converted to SEZ’s:-
Name of Area State Year of Conversion Area of
SEZ(in Acers)
Kandala Gujrat 1965 625
Noida Uttar Pradesh 1986 310
Fatala West BENGAL 1986 280
7. What is actually meant by Development of a country?
Perspective of Development in INDIA
The term ‘ECONOMIC DEVELOPMENT” has been used
frequently in the 20th and 21st centuries, but the concept has
existed in the West for far longer. "Modernization",
"Westernization", and especially "industrialization" are other
terms often used while discussing economic development
Whereas economic development is a policy intervention aiming to improve the
well-being of people, economic growth is a phenomenon of market productivity
and increases in GDP; economist Amartya Sen describes economic growth as
but "one aspect of the process of economic development". Economists primarily
focus on the growth aspect and the economy at large, whereas researchers of
community economic development concern themselves with
socioeconomic development as well.
8. SEZs in INDIA
SEEPZ Special Economic Zone
Kandla Special Economic Zone
Cochin Special Economic Zone
Madras Special Economic Zone
Visakhapatnam SEZ
Falta Special Economic Zone
Noida Export Processing Zone
9. Objectives of SEZ in INDIA
The main objectives of SEZ Scheme is
• Generation of additional economic activity.
• Promotion of exports of goods and services.
• Promotion of investment from domestic and
foreign sources.
• Creation of employment opportunities along
with the development of infrastructure
facilities.
10. Major incentives offered to firms under SEZ in INDIA
• Duty free import / domestic procurement of
goods for development ,operation and
maintenance of SEZ units.
• 100% Income tax exemption on export income foe
SEZ units under section 10AA of the income Tax
Act for first 5years , 50% for next five years .
• Exemption from central / state sales Taxes and
other levies.
• Exemption from service tax.
• Single window clearance for central and sate
level approvals.
11. Role of SEZ in INDIAN Economy
• To provide internationally competitive
environment .
• To increase share in global exports.
• To encourages FDI and enhance GDP.
• To act as laboratories for changes in our
polices.
12. Special Economic Zone in West Bengal
As on March 2008, 6 notified approvals ,14 formals approvals and 14 in principal
approvals have been issued by the Ministry of Commerce ,GOI to set up SEZ in
West Bengal.
13.
14.
15.
16. Analysis of INDIAN SEZ Policy
STRENGTH:-
• Based on western model or SEZ in Chaina.
• An established legal redress system
• Relatively low labour costs.
• Employment opportunities .
• India’s large English speaking and skilled
work force.
17. Analysis of INDIAN SEZ Policy
WEAKNESS:-
• Poor infrastructures and transport facility .
• High cost of capitals.
• Inadequate institutional support
• Political charges.
• Inappropriate location.
18. OPPORTUNITIES:-
• Investment in core strength areas like it AND Software products
and services.
• New small ports and airports are also being developed keeping SEZ
concept in mind.
• A large NRI base who have traditionally invested less in Greenfield
development in India.
THREATS
• Opposing interests.
• Prospect of even more restrictive labour laws being
introduced.
• Increasing rejection rate.
19. Reasons for failure in INDIA
•Inadequate infrastructure.
•Restrictive policies.
•Lengthy procedures.
• Locational disadvantage
•Stringent labour laws.
24. Conclusion
Definitely, SEZ policy has no doubtly boosted Indian economy.But comparition of
implementation with other countries brings out lacunas in India’s SEZ policy.
The reasons for disparities can be attributed to many reasons
as listed below…
• Improper SEZ policy
• Irresponssible planning.
• Ineffective land acquisition policies .
• Improper rehabilitation policy..
So,SEZ policy is a very good policy to boosted up indian economy,but due
to lack of proper planning and infrasturucture and lack of other thing the
out come of SEZ policy in India is not 100%.So,we can hope in future in
the help of proper technique and planning the result will be came 100%.
