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Meaning & definition of Special Economic Zone (SEZ)

Date: 01 May 2011   Group: Government    Category: Central Government   


What is meant by Special Economic zone and how it is going to benefit the common man ? It is also called as SEZ. The country is dotted with such SEZ's and the common man fails to understand what it stands for him and how he going to be benefited.


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Author: Jagannathan    02 May 2011      Member Level: Gold     Points : 2    Voting Score: 0

Hi,

Special Economic Zone (SEZ) is mainly introduced to attract the foreign investment and technology. SEZ has its own laws for trade and other business apart from the country's law. SEZ covers the following zones:

  • Free Trade Zone (FTZ)
  • Export Processing Zones (EPZ)
  • Free Zones (FZ)
  • Industrial parks
  • Free Ports
  • Urban Enterprise Zones

  • Author: Ramnarayan Shah    02 May 2011      Member Level: Silver     Points : 2    Voting Score: 0

    Special Economic Zone (SEZ) is a scheme to attract investment in a particular area. Backward areas where business and commerce can't reach are promoted to do business in a particular area. So that unused area of land can be used fruitfully. Through such scheme, government attracts industrialists to start factory in such areas and they would be give tax concession etc. Particular area is termed as SEZ; this is regulated by the Ministry of Commerce and Industry. The Ministry of Commerce and Industry takes decisions with regards to SEZ. Facilities are provided in SEZ by the government to promote the business and employment.



    Author: Chakravarthi (Emperor)    06 May 2011      Member Level: Gold     Points : 3    Voting Score: 0

    What is SEZ?
    Special Economic Zones are marked places meant for having cluster of same type production entities. For example, IT SEZ , it harbours only information technology oriented item manufacturing or service providing. Glass SEZ means, it consists of only glass making industries and nothing else. The use of it is that government can provide whatever wanted by certain industry. If they are together, it is to provide all whatever is necessary.

    Benefits to common through SEZs

    • There is no direct benefit to common man through this, but has direct loss (Land grabbing).
    • Jobs can be provided to the persons who sacrificed their lands for this cause.
    • Infrastructure will be developed. New roads and facilities are provided around SEZs.
    • Exports can be increased.
    • Chance of available cheaply the goods prepared in local area.


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