Special Economic Zones
Special Economic Zones known as SEZ where introduced from 1st April 2000. Its main purpose is to attract foreign investment and to develop control free environment for exports. To make Indian producing sectors as equivalent to those of the world.
Tax incentives granted by law for special economic zones to attract foreign investors. These special economic zone are developed from the model of special economi zones of China which are very helpful to develop export oriented producing sector with foreign direct investment.
Tax free zones are being created by special economi zones. In other words, it can be said that within the nation SEZ are that types geographical area, where economic laws remain different. China, India, Jorden, Poland, Philipinesm Russia and North Korea have utilized special economic zones.
India has set up Eight Special Economic Zone : Santacruz (Maharashtra), Kochin (Kerala), Kandala and Surat (Gujarat), Chennai (TamilNadu), Visakhapattanam (Andhra Pradesh), Falta (West Bengal) and Noida (UttarPradesh). In addition to, new eighteen special economic zone are proposed.
Any private person, government, joint sector, state government or their representative bodies may start special economic zone. Even foreign institute can also start special economic zone. All these types of special economic zons may be controlled by government.