The Special Economic Zones (SEZs) Scheme in India was conceived by the Commerce and Industries Minister Murosoli Maran during a visit to Special Economic Zones in China in 1999.
SEZ is a specifically delineated duty free enclave, which shall be deemed to be a foreign territory for the purposes of trade operations and duties and tariffs. India wants its SEZ Policy to be WTO compatible. Presently, 354 SEZs are notified, out of which 240 SEZs are operational.
Traditionally SEZs are created as open markets within an economy that is dominated by distortionary trade, macro and exchange regulation and other regulatory governmental controls.
Usually, the goal of a SEZ structure is to increase foreign direct investment by foreign investors, typically an international business or a Multi-National Corporation (MNC). India has specific laws for its SEZs.
The Special Economic Zones (SEZs) Scheme in India was conceived by the Commerce and Industries Minister Murosoli Maran during a visit to Special Economic Zones in China in 1999.
The scheme was announced at the time of annual review of EXIM Policy effective from 2000. The basic idea is to establish the zones as areas where export production could take place free from all roles and regulations governing imports and exports and to give them operational flexibility.
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