27 February, 2020
3 Min Read
Syllabus subtopic: Effects of Liberalization on the Economy, Changes in Industrial Policy and their Effects on Industrial Growth.
Prelims and Mains focus: above the move and its significance; about SEZs
News: Goods procured from units in special economic zones (SEZ) by single-brand retailers, owned by foreign companies, would qualify for meeting the mandatory 30% local sourcing norms, the government said in a clarification.
The statement came in the wake of the government having received representations from various business entities seeking clarification whether sourcing of goods from units located in SEZs would qualify as sourcing from India as per the FDI policy.
What are the FDI rules regarding SEZs?
As per the foreign direct investment (FDI) rules, 100% overseas investment is allowed in the sector but sourcing of 30% of the value of goods procured is mandatory from India for such companies having FDI beyond 51%.
What are Special Economic Zones?
100% FDI in Insurance Intermediaries
Source: Indian Express
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