Which of the following statements is/are FALSE about the Special Economic Zones (SEZs) of India?

i. One of the main objectives of the Zones Act was promotion of exports of goods and services.

ii. The Government of India announced the Special Economic Zones (SEZs) Policy in the year 2011.

iii. The SEZ Rules provided for different minimum land requirement for different classes of SEZs.

Question

Question

This question was previously asked in

SSC CHSL Exam 2024 Tier-I Official Paper (Held On: 04 Jul, 2024 Shift 4)

Answer 1

The correct answer is Only ii

Key Points

The Special Economic Zones (SEZs) Policy in India was announced by the Government of India in the year 2000, not 2011.
The main objectives of the SEZs Act include the promotion of exports of goods and services, investment from domestic and foreign sources, and the creation of employment opportunities.
The SEZ Rules do indeed provide for different minimum land requirements for different classes of SEZs.

Additional Information

Special Economic Zones (SEZs) are specially delineated duty-free enclaves treated as foreign territories for the purpose of trade operations, duties, and tariffs.
The SEZ Act, 2005, along with the SEZ Rules, came into effect on 10th February 2006, providing for the establishment, development, and management of SEZs for the promotion of exports.
SEZs are intended to promote rapid economic growth by using tax and business incentives to attract foreign investment and technology.
They are also designed to provide high-quality infrastructure facilities and support services, besides allowing for the duty-free import/domestic procurement of goods for the development, operation, and maintenance of SEZ units.