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Special Economic Zone (SEZ) refers to designated areas in countries that possess special economic regulations that are different from other areas in the same country. Special economic zones (SEZs) can be an effective instrument to promote industrialization if implemented properly as observed particularly in East Asia. Some countries are quite well successful with SEZs like China, Singapore, Malaysia, South Korea, Jordan, Mauritius, etc. According to “the Economist” as on 4th April 2015 there are 4,300 SEZs in the world and every three out of four countries have at least one SEZ.
The Special Economic Zones (SEZs) Policy was announced in India in April 2000 to overcome the drawbacks of multiplicity of controls and clearances, absence of world-class infrastructure, and unstable fiscal regime. The main objective was to attract larger foreign investments in India thus to boost Indian exports.
As on 18th Feb, 2016 there are 205 operational SEZs in India of which 7 are central government established, 11 State Govt. /Private SEZs and 187 SEZs notified under the SEZ Act, 2005. Over the years from 2005-06 to 2013-14, the exports from operational SEZs has increased from USD 5.08 billion to USD 8.35 billion.