CURRENT AFFAIRS

Detailed explanation-1: -HCL Technologies gets govternment’s nod to set up SEZ in Andhra Pradesh. The company’s proposal was considered by an inter-ministerial Board of Approval. The board after deliberations, approved the proposal for setting up of the SEZ.

Detailed explanation-2: -The Special Economic Zones Act, 2005, was passed by Parliament in May, 2005 which received Presidential assent on the 23rd of June, 2005.

Detailed explanation-3: -The main objectives of the SEZ Scheme is generation of additional economic activity, promotion of exports of goods and services, promotion of investment from domestic and foreign sources, creation of employment opportunities along with the development of infrastructure facilities.

Detailed explanation-4: -As of 31st January 2021; 265 SEZs are operational in the country. About 64% of the SEZs are located in five states – Tamil Nadu, Telangana, Karnataka, Andhra Pradesh and Maharashtra.

Detailed explanation-5: -Welcome to Special Economic Zone (SEZ). India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia’s first EPZ set up in Kandla in 1965.