Q. With reference to Special Economic Zones (SEZs) in India, consider the following statements:
1.The concept of SEZ is an improvement over the Export Processing Zones (EPZs), with the first EPZ in Asia set up in Kandla in 1965.
2.A key objective of the SEZ policy was to make SEZs an engine for economic growth, supported by world-class infrastructure and an attractive fiscal package with minimum possible regulations.
3.Units operating in SEZs are mandated to become net foreign exchange earners within one year of commencing production.
Which of the statements given above is/are correct?
Answer: A
Notes:
Explanation:
Statement 1: Correct. The concept of SEZ is an improvement on the concept of Export Processing Zones. Indias first EPZ in Asia was set up in Kandla in 1965.
Statement 2: Correct. The SEZ Policy was intended to make SEZs an engine for economic growth supported by quality infrastructure complemented by an attractive fiscal package, with the minimum possible regulations.
Statement 3: Incorrect. Units in SEZs have to become net foreign exchange earners within three years, not one year.
