Special Task Force To Evaluate SEZ Policy is Formed

The Government has constituted a committee of experts to study the Special Economic Zones (SEZ) Policy of the country, an official release said.

A group of ten members has been formed to study evaluate the SEZ policy, suggest measures to cater to the needs of exporters in the present economic scenario and make the SEZ policy WTO compatible, suggest course correction in SEZ policy, make comparative analysis of the SEZ scheme and dovetail the SEZ policy with other similar schemes, said the government.

The SEZ Policy was implemented from 01st April, 2000.

Subsequently the Special Economic Zones Act, 2005 was passed by Parliament in May, 2005 and received Presidential assent on the 23rd of June, 2005 and the Special Economic Zone Act was enacted.

The SEZ Act, 2005, supported by SEZ Rules, came into effect on 10th February, 2006.

The Group will to submit its recommendation in 3 months’ time.