Special economic zones (SEZs) are areas within countries that have different economic regulations than other areas, aimed at attracting foreign investment. SEZs in India were established to accelerate foreign investment and exports by providing world-class infrastructure and tax incentives. There are currently eight operational SEZs located across major cities in India. The objectives of SEZs are to promote exports, investment, employment, and infrastructure development through a single window clearance system and simplified procedures.

1. SPECIAL
ECONOMIC
ZONES

2. 1. A special economic zone (SEZ) is an area in a country
that is subject to different economic regulations than
other regions within the same country. The economic
regulations of special economic zones (SEZs) tend to be
conducive to—and attract—foreign direct investment
(FDI).
2. 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.
What are Special Economic Zones?

3. Special Economic Zones in India were established in an attempt to accelerate
foreign investment and endorse exports from India and recognizing the need of a
global platform to expose the domestic firms and producers to the competitive
world market. The announcement of formulating a Special Economic Zones policy in
India was made by the government in April 2000 and was anticipated to be an
overseas province for trade purposes, commercial operations, duties and taxes.
SEZs when equipped are anticipated to provide premiere infrastructure services
and sustenance services, besides permitting for the tariff free import of
merchandize and raw materials. Furthermore, attractive financial subsidiaries and
trouble-free custom tariffs, banking and other methods are provided in such
business zones. Establishing SEZs is also recognized as communications
development methods.
At present there are eight functional SEZs located at Santa Cruz (Maharashtra),
Cochin (Kerala), Kandla and Surat (Gujarat), Chennai (Tamil Nadu), Visakhapatnam
(Andhra Pradesh), Falta (West Bengal) and Noida (Uttar Pradesh)
At present we have 378 SEZ……
Special Economic Zones policy
in India

4. 1. Promotion of exports of goods and services
2. Promotion of investment from domestic and foreign sources
3. Creation of employment
4. Development of Infrastructural facilities.
5. Single window clearance
6. Simplified procedure for development, operation and
maintaining of the special Economic Zones and for setting up
units and conducting business
FUNCTIONS & OBJECTIVES OF SEZ’s

5. •The SEZ’s could drastically improve the economic activity in the
•country Make the country’s export competitive and globally
noticeable
•Be net foreign exchange earner and provide immense employment
•A Special Economic Zone (SEZ) is a geographically bound zone
•Yester years EPZ’s (Exporting Processing Zones) are today’s SEZ’s
•But this should not be done at the cost of bringing down the
agricultural activities
•To be economically viable for rapid economic growth in the area
and for it to be profitable and self sustainable.
•Relaxed Tax norms, Labor laws and DTA regulations will surely
attract foreign investment and major industries to setup industries
in the SEZ’s making it profitable and meeting its desired results.
CONCLUSION