Q. With reference to Special Economic Zones, consider the following statements:
Which of the statements given above is/are correct?

1 only

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2 and 3 only

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1 and 3 only

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1 , 2 and 3

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Solution

The correct option is A 1 only
Explanation:

Statement 1 is correct: Though India has experience of special zones for promoting export such as the Export processing zone in Kandla in 1965 itself, it was only in 2000 SEZ policy was announced and in 2005 it was given legislative backing through SEZ Act 2005.

Statement 2 is incorrect: SEZ functions under the Ministry of Commerce and Industry.

Statement 3 is incorrect: SEZ can be set up in all three sectors of the economy – agriculture, industry, services.

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