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What is the SEZ Bill?
The Special Economic Zones (Amendment) Bill is a bill aimed to amend the Special Economic Zones (SEZ) Act, 2005. It would replace an ordinance that was promulgated on March 2, 2019. The bill provides for the establishment, development, and management of Special Economic Zones in order to promote exports, generate employment, and boost the economy.
Special Economic Zones in India
Special Economic Zones are geographical regions where economic laws are more liberal than those applicable in the rest of the country. They act as major export hubs as the government provides various incentives to them. As of March 2021, there were 378 notified SEZs are notified, of which 265 were operational by the time.
Key specifications of the bill
The SEZ (Amendment) Bill provides for trusts and other entities to set up units in Special Economic Zones across India. Prior to the amendment, entities that could set up units in SEZs included a company, a Hindu undivided family, a cooperative society, a firm/proprietary concern, or a voluntary association of individuals. The bill also aims to generate employment in various sectors by boosting investment and economic activity.
A timeline of events
The Special Economic Zones (SEZs) policy was launched in April, 2000. The SEZ Act was passed by the Indian Parliament in May, 2005 and received the presidential assent on June 23, 2005. The SEZs Rules, 2006 came into effect in February 2006.
The Centre is expected to table the Special Economic Zones (Amendment) Bill in the 2022 Monsoon Session of the Parliament. The session is due to begin on July 18 and will commence on August 13.
Performance of SEZs over the years
According to the data provided by the Union Ministry of Commerce and Industry, SEZ exports jumped from Rs 28.40 billion in 2005-06 to Rs 7,595.24 billion in 2020-21, marking a rise of 3,300%. Further, SEZ investments increased 15,300% between 2005-06 and 2020-21, from Rs 40.355 billion in 2005-06 to Rs 6,174.99 billion in 2020-21.
Special Economic Zones in India
Special Economic Zones are geographical regions where economic laws are more liberal than those applicable in the rest of the country. They act as major export hubs as the government provides various incentives to them. As of March 2021, there were 378 notified SEZs are notified, of which 265 were operational by the time.
Key specifications of the bill
The SEZ (Amendment) Bill provides for trusts and other entities to set up units in Special Economic Zones across India. Prior to the amendment, entities that could set up units in SEZs included a company, a Hindu undivided family, a cooperative society, a firm/proprietary concern, or a voluntary association of individuals. The bill also aims to generate employment in various sectors by boosting investment and economic activity.
A timeline of events
The Special Economic Zones (SEZs) policy was launched in April, 2000. The SEZ Act was passed by the Indian Parliament in May, 2005 and received the presidential assent on June 23, 2005. The SEZs Rules, 2006 came into effect in February 2006.
The Centre is expected to table the Special Economic Zones (Amendment) Bill in the 2022 Monsoon Session of the Parliament. The session is due to begin on July 18 and will commence on August 13.
Performance of SEZs over the years
According to the data provided by the Union Ministry of Commerce and Industry, SEZ exports jumped from Rs 28.40 billion in 2005-06 to Rs 7,595.24 billion in 2020-21, marking a rise of 3,300%. Further, SEZ investments increased 15,300% between 2005-06 and 2020-21, from Rs 40.355 billion in 2005-06 to Rs 6,174.99 billion in 2020-21.
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