The Special Economic Zones Act, 2005, was passed by the Indian Parliament in ______.
Show answer & explanation
Correct answer: A
Explanation
The correct answer to this question, along with important information regarding the Special Economic Zones (SEZ) Act, is provided below:
Correct Answer: Option 1 (May, 2005)
Key Facts about the Special Economic Zones (SEZ) Act, 2005:
• Date of Enactment: This Act was passed by the Indian Parliament in May 2005.
• Presidential Assent: It received the President's assent on June 23, 2005.
• Date of Commencement: The SEZ Act and its Rules came into effect on February 10, 2006.
Main Objectives of the SEZ Act:
• Generation of Additional Economic Activity: To boost industrial production and economic activities within the country.
• Promotion of Exports: To encourage the export of goods and services.
• Employment Generation: To create new employment opportunities by promoting investment from both domestic and foreign sources.
• Infrastructure Development: To build modern infrastructure facilities.
Other Important Facts for Practice:
Subject Details
Nodal Ministry - Ministry of Commerce and Industry
Asia's First EPZ - Kandla, Gujarat (1965) — subsequently converted into an SEZ.
Incentives - SEZ units receive facilities such as duty-free imports, income tax exemptions, and single-window clearance.