Government Reforms Special Economic Zones Framework
The government on Friday announced reforms to the existing special economic zones legal framework whereby provisions for minimum land area and sector-specific and multi-product SEZs have been amended.
Henceforth, all existing and new SEZs would become multi-sector SEZs thereby enabling coexistence of a SEZ unit from any sector along with any other SEZ unit.
Further, the provisions governing the minimum land area requirement for setting up of SEZs have also been relaxed and simplified, an official statement said.
"The amendment which were notified today are expected to be a major step in unlocking the potential of SEZs to attract investments and boost exports," the Commerce and Industry Ministry said.
Consequent to three recent amendments, the minimum land area required for setting up a multi-product SEZ has been revised from 500 hectares to 50 hectares.
Similarly, the minimum built-up area requirements for services have also been significantly reduced.