Bring out the special economic zone and its pros and cons.

Special Economic Zone (SEZ) is a specifically delineated duty free enclave that is treated as a foreign territory for the purposes of trade operations . It is exempt from income tax , sales tax, service tax and there is no examination of export/import cargo by customs. 
Pros of Special Economic Zone are :- 

* Boost economic growth. 
* Employment generation .
* Rise in exports. 
* Attract foreign investors. 
* Make Indian and foreign firms more competitive .
* Attract global technology and manufacturing skills . 

Cons of Special Economic Zone are:- 

* Loss in revenue due to special incetives offered.
* May result in land scams .
* Too may small SEZs , even China has few large SEZs.
* May force non-SEZs units to shift to SEZs. 
* Create powerful and regional private monopolies.
* Shift focus on exports from serving the local markets.


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