Budget Proposal about SEZs and vision on economic growth
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- Last Updated on 23 June, 2022
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P.S. Krishnan, Mallikarjun N. & Mallikarjun Sivapurapu – [2022] 135 taxmann.com 152 (Article)
Special Economic Zone (SEZ) Act, 2005, was enacted in India with a view to promote exports. With a view to overcome the shortcomings experienced due to multiple controls and clearances for Industry players whose primary focus was to export their final output outside India. Further, the concept of SEZ was also introduced with an objective to attract considerable foreign investments to India, which would assist in creation of employment opportunities and to develop infrastructure facilities.
The Finance Minister announced replacement of the SEZ Act in the recent Union Budget speech for Financial Year 2022-23. In this article, the authors have discussed brief background of prevailing SEZ law and the critical issues which would arise upon introduction of new law for trade and industry in the country.
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