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Special Economic Zones can be described as a geographical zone having economic laws that aim to increase the foreign direct investment in a country. They are set up as open markets within an economy that are under regulatory controls deployed by government. Numerous developing countries today are looking forward to SEZ as an expectation that they would act as a growth engine and lead to better industrialization. At the same time, they are helpful to attract FDI and maximize exports accelerating the country’s economic growth.

Unlike majority of international examples, where these zones are generally developed by government, special economic zones in India and its policies leads to development of zones, in the government, joint or private sector. Therefore, this provides ample scope for both Indian as well as private developers. Apart from offering state-of-the-art architecture and availability to a huge skilled and well-trained work force, SEZ policies also offer developers and enterprises with attractive incentives. This is because SEZ generally generate export revenues, attract investments and lead to manufacturing jobs and industrial engineering services. The other benefit comprises zero requirement of import license, release from central Excise and custom duties and many others.

Today popular organizations specializing in engineering outsourcing services have played an active part in development of SEZ’s in India. They have participated in globalization practices that range from manufacturing to industrial designing. At the same time, they analyze various aspects such as regulatory approvals, infrastructure, economics, bottlenecks, skilled manpower and others that have been important factors for setting up these zones. Eminent examples of SEZ’s include Aerospace Precision Engineering and Manufacturing SEZ, the very first in Karnataka that occupies an area of 300 acres in Belgaum. Today it is all geared up to establish Aerospace Precision Engineering and Manufacturing supply chain ecosystem. This zone offers a comprehensive “design to build” services that ranges from concept design to the final product. At the same time, it offers assistance for Aerospace Engineering sector.

Special Economic Zones in India offer incentives and tax benefits that have resulted in attracting significant FDI’s to the country. Investors too get a scope to work along with prominent global business leaders. An eminent player has already established operations in a special SEZ in India that includes Aerospace Processing India Pvt. Ltd which is a joint venture.

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