Youth Destination Logo Final

Commerce Ministry considers extension of SEZ to non-export units

Share with Your Friends

Commerce Ministry considers extension of SEZ to non-export units

Commerce Ministry considers extension of SEZ to non-export units

The commerce ministry is considering a proposal to allow existing Special Economic Zone (SEZ) units to sell part of their products in the domestic market at lower customs duty.

SEZ is a specially designated duty-free enclave, and shall be treated as foreign territory for business operations and duty and tariff purposes.

Objective

  • The main objectives of SEZs are to create additional economic activity, promote exports, encourage investment from domestic and foreign sources, create employment opportunities, develop infrastructure, etc.
  • All Indian laws are applicable in SEZs, unless specifically exempted as per SEZ Act/Rules.

Importance of expanding SEZs to non-export units

  • Utilization of facilities will improve, as SEZs operate at lower capacities.
  • Better infrastructure facilities with integrated real estate, electricity and transport facilities and smooth administrative procedures.
  • SEZ developers will be helped to boost business in the COVID-19 induced slowdown.
  • Earlier, the ‘Baba Kalyani Committee’ (2018) on SEZs had submitted a proposal to rename the SEZ as 3Es: Employment and Economic Enclave, so that it could move from a center of exports to a catalyst of economic and employment growth.

Source – The Hindu

Download Our App

MORE CURRENT AFFAIRS

 

[catlist]

Click to Join Our Current Affairs WhatsApp Group

Join Our Whatsapp Group For Daily, Weekly, Monthly Current Affairs Compilation & Daily Mains Answer Writing Test & Current Affairs MCQ

In Our Current Affairs WhatsApp Group you will get daily Mains Answer Writing Question PDF and Word File, Daily Current Affairs PDF and So Much More in Free So Join Now

Register For Latest Notification

Register Yourself For Latest Current Affairs

October 2022
M T W T F S S
« Sep    
 12
3456789
10111213141516
17181920212223
24252627282930
31  

Mains Answer Writing Practice

Recent Current Affairs (English)

Current Affairs (हिन्दी)

Subscribe Our Youtube Channel

Register now

Get Free Counselling Session with mentor

Download App

Get Youth Pathshala App For Free

Open chat
1
Youth Destination IAS . PCS
To get access
- NCERT Classes
- Current Affairs Magazine
- IAS Booklet
- Complete syllabus analysis
- Demo classes
https://online.youthdestination.in/