Budget 2022-23: New law to replace existing Special Economic zones Act

To enable the ease of doing business in SEZ units, the government will also undertake reforms in customs administration of SEZs and make it fully IT driven.

In a move to enhance exports, the government will rewrite a new law to replace the existing Special Economic zones (SEZ) Act, finance minister Nirmala Sitharaman said on Tuesday.

The new legislation will enable the states to become partners in ‘Development of Enterprise and Service Hubs’ and will cover all large existing and new industrial enclaves to optimally utilise available infrastructure and enhance competitiveness of exports, Sitharaman said in her Budget speech.

SEZs are areas within the country that have different economic regulations and are considered foreign territory. They not only aid foreign investment, but are export hubs as well. Companies operating