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Tripura gets its first SEZ

 

Paper: GS 3

Subject: Indian Economy

Topic: Effects of liberalisation on the economy (post 1991 changes), changes in industrial policy and their effects on industrial growth

 

  • The Ministry of Commerce and Industry has notified the setting up of the first ever Special Economic Zone (SEZ) in Tripura on December 16, 2019.
  • The SEZ is being set-up at Paschim Jalefa, Sabroom, South Tripura District, which is 130 km away from Agartala. It will be a Sector Specific Economic Zone for Agro-Based Food Processing.
  • The estimated investment in the project will be around 1550 Crore. The developer of the SEZ will be Tripura Industrial Development Corporation (TIDC) Ltd. The SEZ is estimated to generate 12,000 skilled jobs. Rubber based industries, textile and Apparel Industries, bamboo and Agri-food Processing Industries will be set-up in the SEZ.

Note: A Special Economic Zone (SEZ) is an area within a country where there are different trade and business laws from the remaining regions of the country. SEZs are broadly located inside the national borders of a country.

There are multiple aims of these zones including an increase in trade, an increase in the investment, more employment generation, and better administration. Countries create special economic zones motivated by the need to attract foreign direct investment (FDI). A company located within an SEZ will get many benefits; it will be able to produce and trade goods at globally competitive prices. Basically, in an SEZ, the economic laws that would apply in that geography would be different and more relaxed and conducive to commerce when compared to the other areas of the country.

Most number of SEZs in India is in the state of Tamil Nadu. Second is Telangana and Maharashtra comes in the third place.

As given by the government, the main objectives of establishing SEZs are:

  1. Generation of additional economic activity
  2. Promotion of exports of both goods and services
  3. Generation of employment opportunities
  4. Promotion of investment from foreign as well as domestic players
  5. Development of infrastructure facilities

 

38th GST Council Meeting

 

 

Paper: GS 3

Subject: Indian Economy

Topic: Effects of liberalisation on the economy (post 1991 changes), changes in industrial policy and their effects on industrial growth

 

  • It is a constitutional bodyfor making recommendations to the Union and State Government on issues related to Goods and Service Tax.
  • The GST Council is chaired by the Union Finance Ministerand other members are the Union State Minister of Revenue or Finance and Ministers in-charge of Finance or Taxation of all the States.
  • It is considered as a federal body where both the centre and the states get due representation.
  • How is the GST Council structured?

The Goods and Services Tax (GST) is governed by the GST Council. Article 279 (1) of the amended Indian Constitution states that the GST Council has to be constituted by the President within 60 days of the commencement of the Article 279A.

GST Council recommendations:

  • Article 279A (4) specifies that the Council will make recommendations to the Union and the States on the important issues related to GST, such as, the goods and services will be subject or exempted from the Goods and Services Tax.

Ek Bharat Shrestha Bharat” programme

 

Paper: GS 1

Subject: Indian Society

Topic: Indian society and diversity – Salient aspects.

 

Ek Bharat Shreshtha Bharat was announced on the occasion of the 140th birth anniversary of Sardar Vallabhbhai Patel on 31st October (Ekta Divas).

  • Through this innovative measure, the knowledge of the culture, traditions and practices of different states & UTs will lead to an enhanced understanding and bonding between the states, thereby strengthening the unity and integrity of India.

The broad objectives of the initiative are

  1. To celebrate the unity in diversity of our nation and to maintain and strengthen the fabric of traditionally existing emotional bonds between the people of our country
  2. To promote the spirit of national integration through a deep and structured engagement between all states and union territories through a year-long planned engagement between states
  3. To showcase the rich heritage and culture, customs and traditions of either state for enabling people to understand and appreciate the diversity that is India, thus fostering a sense of common identity
  4. To establish long term engagements
  5. To create an environment which promotes learning between states by sharing best practices and experiences
  6. Under it rich heritage and culture, customs and traditions of either State will be showcased for enabling people to understand and appreciate the diversity that is India, thus foster sense of common identity.
  7. It will also establish long-term engagements and create an environment which promotes learning between States by sharing best practices and experiences