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Special Economic Zones - Economics, UPSC IAS Exam Preparation Video Lecture | Indian Economy (Prelims) by Shahid Ali
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FAQs on Special Economic Zones - Economics, UPSC IAS Exam Preparation Video Lecture - Indian Economy (Prelims) by Shahid Ali
| 1. What is a Special Economic Zone (SEZ)? |  |
Ans. A Special Economic Zone (SEZ) is a designated area within a country that is subject to unique economic regulations and policies. These zones are established to attract foreign investment, promote exports, and boost economic growth. SEZs often offer various incentives such as tax breaks, relaxed labor laws, and streamlined administrative procedures to encourage businesses to set up operations within the zone.
| 2. What are the objectives of Special Economic Zones? | |
Ans. The objectives of Special Economic Zones (SEZs) are multi-fold. They aim to attract foreign direct investment, foster export-oriented industries, generate employment opportunities, enhance technology transfer, and promote economic development in specific regions. SEZs also aim to create a business-friendly environment by offering infrastructure facilities, simplified procedures, and tax benefits to attract both domestic and foreign investors.
| 3. How do Special Economic Zones contribute to economic growth? | |
Ans. Special Economic Zones (SEZs) contribute to economic growth in several ways. By offering attractive incentives and a favorable business climate, SEZs attract foreign direct investment, leading to increased capital inflows and job creation. The establishment of export-oriented industries within SEZs promotes exports, which in turn boosts foreign exchange earnings. SEZs also facilitate technology transfer, promote entrepreneurship, and stimulate overall economic development in the region.
| 4. What are the challenges faced by Special Economic Zones? | |
Ans. Special Economic Zones (SEZs) face certain challenges that can hinder their effectiveness. Some common challenges include bureaucratic red tape, inadequate infrastructure, lack of skilled labor, land acquisition issues, and difficulties in obtaining necessary clearances and permits. Additionally, SEZs may face opposition from local communities due to concerns about displacement, environmental impact, and social inequality. These challenges need to be addressed to ensure the successful implementation and operation of SEZs.
| 5. How do Special Economic Zones benefit the host country? | |
Ans. Special Economic Zones (SEZs) bring several benefits to the host country. They attract foreign direct investment, leading to technology transfer, employment generation, and infrastructure development. SEZs also promote export-oriented industries, which contribute to the country's foreign exchange earnings and balance of payments. Additionally, SEZs help in regional development by attracting investments to specific areas, reducing regional disparities, and creating a favorable investment climate. Overall, SEZs play a crucial role in boosting economic growth and development in the host country.
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Nov 21, 2024 Last updated |
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