The SEZ Act, 2005 which came into effect in February 2006 has certain objectives. In this context, consider the following: 1. Development of infrastructure facilities. 2. Promotion of investment from foreign sources. 3. Promotion of exports of services only. Which of the above are the objectives of this Act?
- A1 and 2 onlyCorrect
- B3 only
- C2 and 3 only
- D1, 2 and 3
Explanation
The correct answer is A because the Special Economic Zones Act, 2005, aims to promote the export of both goods and services, not services only.
Statement 1 is correct as the development of high quality infrastructure is a primary goal to support industrial activity within these zones.
Statement 2 is correct as the act focuses on attracting investments from both domestic and foreign sources to boost economic growth.
Statement 3 is incorrect because the objective is the promotion of exports of goods and services. The word only in the statement makes it factually wrong as it excludes the manufacturing and export of physical goods. Therefore, only statements 1 and 2 are correct.
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