CURRENT AFFAIRS

Detailed explanation-1: -Department of Commerce had constituted a Group consisting of SEZ stakeholders under the chairmanship of Shri Baba Kalyani , Chairman & MD, M/s.

Detailed explanation-2: -The Board of Approval is the apex body and is headed by the Secretary, Department of Commerce. The Approval Committee at the Zone level deals with approval of units in the SEZs and other related issues.

Detailed explanation-3: -The government constituted a committee headed by Mr Baba Kalyani, in 2018 to study the existing SEZs of India and prepare a policy framework to adopt strategic policy measures.

Detailed explanation-4: -Explanation : It was constituted in June 2018 to make special economic zone (SEZ) policy compatible with World Trade Organisation (WTO) rules after the US challenged India’s export subsidy programme at the multilateral trade body.

Detailed explanation-5: -Government of India announced the Special Economic Zones (SEZs) Policy in April 2000 with a view to create world-class infrastructure and ease out multiplicity of controls and clearances and provide stable fiscal policy regime to attract larger foreign investments in India.