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Q17 (IAS/2010) Economy › Industry, Infrastructure & Investment › Foreign direct investment Answer Verified

The SEZ Act, 2005 which came into effect in February 2006 has certain objectives. In this context, consider the following : 1. Development of infrastructure facilities. 2. Promotion of investment from foreign sources. 3. Promotion of exports of services only. Which of the above are the objectives of this Act ?

Result
Your answer: —  ·  Correct: A
Explanation

The SEZ Act, 2005 and its Rules explicitly list promotion of investment (both domestic and foreign) and development of infrastructure among their primary objectives, along with promoting exports of goods and services generally — not “services only.” Official sources state the main objectives as generation of additional economic activity, promotion of exports of goods and services, promotion of investment from domestic and foreign sources, creation of employment, and development of infrastructure facilities [2]. Textbook summaries likewise cite increasing foreign and domestic investment and promoting foreign trade as core aims of SEZs [3]. Therefore statements 1 and 2 are correct; statement 3 is incorrect because it restricts exports to services only.

Sources

  1. [1] https://static.pib.gov.in/WriteReadData/specificdocs/documents/2022/jan/doc2022153001.pdf
  2. [2] https://sezindia.gov.in/introduction
  3. [3] Geography of India ,Majid Husain, (McGrawHill 9th ed.) > Chapter 11: Industries > Objectives of Special Economic Zone > p. 84
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