Role of SEZ in Economic Development of the Country

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Considering the need to enhance foreign investment and promote exports from the country, the Government of India has introduced various types of special/ones/units for the purpose. A special Economic Zone (SEZ) is a geographical region having some economic laws for its development. The first special Zone was set up in Spain in 1929 with an intention to increase exports by value addition to the raw materials available in the country. The concept of SEZ was introduced in China during the year 1979. Social Economic Zone is considered as geographical reason for its economic growth. The main object of the SEZ is to get more finance from the foreign as well as from the country. According to SEZ Act 2005, a special Economic Zone can be established either jointly or severally by the central Government. State Government, on any other person involve in the manufacturing of goods. Even a foreign company can also set up SEZ in India.

In developing country like India special Economic Zone are accepted as one of the chief economic instruments for achieving rapid industrialization through exports. It is high time that Government should rework in SEZ Policy to facilitate the development of large employment generating SEZs without hurting country's exchequers and other vulnerable section of the society.

ABOUT THE AUTHOR Rabi Narayan Misra

Dr. Rabi Narayana Misra had completed his M.Com. LLB, M.Phil and Ph.D from Berhampur University, Orissa. He joined as lecturer in commerce in the year 1972. He has produced 11 Ph.D scholars and more than eight teachers from commerce and management doing Ph.D under his guidance.Dr. Misra has published more than 21 books on different subjects and more than eight books arc at press. He has done number of UOC Projects and conducted various seminars on National and State level. He has conducted various work shops, He has published more than 350 articles at National, state and district level. He is a social worker and associated with a number of voluntary organizations of National, State, District town and village level to uplift the living standard of rural poor. Dr. Misra is also a good Oriya writer. He has published two story books and seven books on oriya poem. At present Dr. Misra working as a professor and Head, Department of HR in P.O. Centre for Management Studies, SMIT, Ankushpur, Berhampur, Orissa under Biju Patnaik University of Technology, Orissa.