Special Economic Zone Act, 2005: Boosting Exports and Investments with Tax-Free Incentives and Streamlined Approvals
The Special Economic Zone (SEZ) scheme, initiated in April 2000, aims to foster an internationally competitive export environment by offering tax-free goods and services, integrated infrastructure, and incentives to boost foreign and domestic investments. Initially governed by the Foreign Trade Policy, the SEZ Act, 2005, was enacted to establish a stable regulatory framework with streamlined approval processes. SEZs are administered by the Department of Commerce and are designed to enhance economic activity, export promotion, investment, employment, and infrastructure development while maintaining national security. SEZs, categorized as multi-product or sector-specific, are considered outside India's Customs territory for authorized operations.
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