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  »   Editorial Analysis   »   Static Topic: Special Economic Zone

Static Topic: Special Economic Zone

September 25, 2024

Special Economic Zone (SEZs) are designated zones offering duty-free operations and fiscal concessions to boost investment and jobs. India’s first EPZ began in Kandla (1965), with SEZs officially introduced in 2000 under the 2005 Act.

  • MAJOR FACILITIES AND INCENTIVES
    • Duty-Free Imports: SEZ units benefit from duty-free imports for construction and operations.
    • Tax Exemptions: Exemptions include minimum alternate tax and income tax.
    • External Commercial Debt: Units can borrow up to $500 million annually without maturity restrictions.
    • Single Portal Approvals: Central and state approvals are streamlined through a single portal.
  • CHALLENGES:
    • Unused Land: SEZs face issues with unused land due to the pandemic and decreased demand.
    • Multiple Models: Diverse economic zone models complicate integration and management.
    • Competition from ASEAN: ASEAN countries have improved policies and skill-building initiatives, affecting India’s SEZ competitiveness.
  • WAY AHEAD
    • Encouraging MSME Investments: Proposals include partnering with MSME initiatives and allowing sector-specific investments.
    • Access to Financing: Recommendations include enhancing financing options and granting infrastructure status to SEZS.

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