The government has approved proposals of four special economic zone developers. A special economic zone (SEZ) is an area in which business and trade laws are different from the rest of the country.
SEZs are located within a country’s national borders, and their aims include: increased trade, increased investment, job creation and effective administration.
The decision was taken at the meeting of Board of Approval (BoA). BoA is a 19-member inter-ministerial body chaired by the commerce secretary.
The four developers who got the green signal are Worldwide Oilfield Machine, Embassy Property Developments and Horizoneview Properties and Phoenix Embassy Tech Zone.
Worldwide Oilfield Machine has proposed to set up an engineering-specific SEZ in Pune spread over 58.23 hectares.
