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Special Economic Zone:Public Purpose and Private Property

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Special Economic Zone:Public Purpose and Private Property
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  Special Economic Zone in India: Public Purpose and Private Property GROUP 8  INTRODUCTION  Special Economic Zone (SEZ) is a specifically delineated duty-free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs.  Goal is to increase foreign investments.  SEZs have been established in several countries, including China, India, Jordan, Poland, Kazakhstan, Philippines and Russia.  Any private/public/joint sector or state government or its agencies can set up an SEZ  They are growth engines that can boost manufacturing, augment exports and generate employment.  A special geographical region which has different laws when compared to other regions.  SEZs are projected as duty free area for the purpose of trade, operations, duty and tariffs.  Indian Economic Reforms  Indian economy functioned under License Raj  Business needed to be heavily regulated  FERA limited Foreign investment to 40%  High tax rates  Permission for laying off employee and capacity expansion  Highly Bureaucratic and corrupt  ProblemsLicense RajHigh RegulationCorruptionRigid Labor LawsHigh Tax RatesUnskilled Labors
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