Pradhan Mantri Gatishakti National Master Plan

Prime Minister Narendra Modi announced a Rs 100 lakh crore Pradhan Mantri Gatishakti initiative on August 15, 2021.

Key Points

• This initiative will create employment opportunities for youth in India. It will also lead to growth and development of infrastructure.
• In his address, Prime Minister highlighted that, Gatishakti-National Master Plan will be announced soon.
• Prime Minister also noted that, India needs to increase both manufacturing and exports. Each of the product that are sold globally from India is attached to India. Thus, every product of yours is a brand ambassador for India.

Focus areas of the initiative

• Gati Shakti plan will help in raising global profile of local manufacturers.
• It will also help manufacturers to compete with their counterparts cross the world.
• It also increases the possibilities of new future economic zones.

About Special economic zone (SEZ)

SEZ is a geographical region having economic laws that are more liberal than the domestic economic laws of that country. India also has specific laws for its SEZs. SEZ covers a huge range of more specific zone types such as free-trade zones, free zones, export processing zones, industrial estates, free ports, urban enterprise zones etc. Such zones are created to increase foreign direct investment by foreign investors.  SEZ is territory which is typically duty-free and comprises of different business & commercial laws. It is created to administer these areas better and increasing ease of doing business.

SEZs in India

• Asia’s first Export Processing Zone was established at Kandla, Gujarat in 1965.
• Government started establish SEZs in 2000 under the Foreign Trade Policy in order to redress infrastructural and bureaucratic challenges.
• Special Economic Zones Act was passed in 2005 and SEZ Rules came in force in 2006.
• Currently, 379 SEZs are notified in India of which 265 are operational.
• Around 64% of the SEZs are located in five states namely, Maharashtra, Tamil Nadu, Karnataka, Telangana and Andhra Pradesh.

Month: Current Affairs - August, 2021