The Government of India has approved a proposal in principle to set up a Special Economic Zone (SEZ) at West Jalefa in Sabroom subdivision of South Tripura.
It was approved during the 92nd meeting of Board of Approval (BoA) held in the Ministry of Commerce, Government of India on 4th October 2019 at Udyog Bhawan, New Delhi.
Tripura had submitted a proposal to the Ministry of Industries and Commerce for the setting of an agro-based SEZ at Jalefa.
An estimated investment of setting up first-ever SEZ would be around Rs. 1550 crore which will generate 12,000 jobs.
Under the plan, rubber-based industrial units, rubber thread, apparel making, bamboo and food process units are proposed to be set up.
About SEZ
India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia’s first EPZ set up in Kandla in 1965. With a view to overcome the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and an unstable fiscal regime and with a view to attract larger foreign investments in India, the Special Economic Zones (SEZs) Policy was announced in April 2000.
The Special Economic Zones Act, 2005, was passed by Parliament in May, 2005 which received Presidential assent on the 23rd of June, 2005. The draft SEZ Rules were widely discussed and put on the website of the Department of Commerce offering suggestions/comments. Around 800 suggestions were received on the draft rules. After extensive consultations, the SEZ Act, 2005, supported by SEZ Rules, came into effect on 10th February, 2006, providing for drastic simplification of procedures and for single window clearance on matters relating to central as well as state governments. The main objectives of the SEZ Act are:
- generation of additional economic activity
- promotion of exports of goods and services
- promotion of investment from domestic and foreign sources
- creation of employment opportunities
- development of infrastructure facilities
