Shri Kamal Nath, Union Minister of Commerce & Industry, has said that Special Economic Zones (SEZs) will boost employment, raise incomes, and allow industry to engage more intensely in the domestic as well as the global economy.
“One of the major initiatives taken this year has been the facilitation of the Special Economic Zones. SEZs offer tax incentives for manufacturing and services export."
"More important, they provide an enabling environment for the private sector to develop world-class standards of infrastructure and facilities, allowing companies operating within the SEZ to compete globally”, he said in his address at the India Economic Summit at a session on “India's Global Growth Agenda”, here this morning.
Pointing out that India has emerged as a manufacturing hub of the world, especially in industries like chemicals and petrochemicals, agro and fashion and textiles, the Minister said that what was important of the fact that the growth was becoming increasingly inclusive “Rural India today is consuming more. Most Tier II cities are witnessing large mixed-use projects in housing, retail.” he said.
“This story of inclusive growth is not just of domestic importance to us. It is equally important to the foreign investor."
"It tells us three things: One - that a society in which the fruits of development are more evenly spread, in which democracy is more real and palpable to the mass of the population, makes for a stable social environment that is attractive and reassuring; Two - that India is an enormous market, of which you are seeing only the tip of the iceberg.”
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