SEZs are perhaps the most major breakthrough for India

IIPM BEST B-SCHOOL
The answer lies in the fact that while these blocs hold more than 60% of the total world trade, India’s present contribution to the total trade with these blocs is as meagre as just 3%, while our competitors like China, UK and Singapore hold a share much higher than this figure because of their initial initiatives to trade with major trading blocs. And talking about strategies, SEZs are perhaps the most major breakthrough for India. Centres of higher exports, these areas have shown some good action in the last few months, with companies like Reliance announcing the building of the largest Indian SEZ (with a heart stopping cost of Rs.400 billion). “This project will bring the country to the centre stage of the global economy,” prophesied Mukesh Ambani, promising an initial investment of $5.5 billion into the SEZ. With existing Export Processing Zones also being converted to SEZs, taking care of their structural defects becomes mandatory. “Poor quality of infrastructure, stringent labour laws, and complicated tax procedures are fractures affected SEZ investment,” divulged O.P. Garg, President, Federation of Indian Export Organisations.

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Source :- IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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