Important Facts For Prelims
Tripura Gets Its First SEZ
- 19 Dec 2019
- 1 min read
Why in News
Recently, the Ministry of Commerce and Industry has notified setting up of Tripura’s first ever Special Economic Zone (SEZ).
- It will be developed by Tripura Industrial Development Corporation (TIDC) Ltd. for the industries based on rubber, textile and apparel, bamboo and agri-food processing.
Significance
- The setting up of a SEZ will open up new avenues to attract private investment because of its close proximity to the Chittagong Port (Bangladesh).
Special Economic Zone
- With a view to overcome the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and with a view to attract larger foreign investments in India, the Special Economic Zones (SEZs) Act was passed in 2005.
- SEZs work as an engine for economic growth supported by quality infrastructure complemented by an attractive fiscal package, both at the Centre and the State level, with the minimum possible regulations.
