Revamping SEZs: The Path to Economic Transformation

The government has initiated a comprehensive review of India’s Special Economic Zones (SEZs) through the establishment of a 17-member committee, an official announced. This committee is tasked with formulating a forward-looking SEZ 2.0 policy by submitting a concept paper delineating broad-based reforms.

The committee's duties include conducting an in-depth background study on the harmonious integration of existing export promotion schemes, such as SEZs, export-oriented units (EoUs), and others, with the aim of removing policy distortions. The group will evaluate the Special Economic Zones (SEZ) Act of 2005, focusing on its current relevance and efficacy in the global economic arena.

The investigative body includes representatives from Niti Aayog, commerce, customs, DPIIT, and CBIC to thoroughly scrutinize operational hurdles like compliance burdens and infrastructure. The ultimate goal is to heighten SEZs' contribution to manufacturing, services, technology upgradation, investment, and employment.