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“Economic Zones” are the vanguard to opening a country’s economic supply chain to the outside world. They provide an environment laced with a liberalised regulatory regime and financial incentives, which help to attract investment, kick-start production, generate quality employment, and give a thrust to trade.
Most emerging economies are moving towards adopting this framework and creating ‘specialised’ economic and export hubs that would give them better access to foreign funding and an inexhaustible overseas consumer base.
Presently, ‘Special Economic Zones’ in India are an integral part of the country’s domestic as well as foreign policy, they help attract FDI, and epitomise the philosophy of initiatives such as ‘Make in India’, ‘Digital India’ and ‘Skill India’.
The country boasts of 231 operational SEZ and around 355 SEZ that are notified (as on 22nd January, 2019). An additional 421 SEZ acquired formal approvals and 32 secured in-principle approvals (as on 30th September, 2018).