Volume : 9, Issue : 1, January - 2020

Special Economic Zones: Need of the Hour

Dr. Bishnu Kant Jha

Abstract :

The ever-increasing global competition compels the governments to adopt export oriented trade strategies, thereby contributing towards overall economic growth and development. The high economic growth trajectory pursued by the newly industrialized economies (NIEs), has been propelled by increase in exports. Different countries have pursued policies of developing export zones, for imparting an outward orientation to their economy. India has also established such zones with definite objectives for foreign trade development and export promotion. It is significant to understand the concept of Special Economic Zones (SEZs), Chinese model of SEZ, its principal benefits, their performance and contribution towards trade competitiveness in India. SEZ as a trade policy needs to be evaluated in the light of SEZ Act, 2006. A non-parametric critical approach has been taken to study the SEZ policy in reference to its performance, limitations and challenges to perform in a highly competitive global environment.