Santacruz Electronic Export Processing Zone (SEEPZ) was set up on 1st May, 1973 as uni-product EPZ exclusively for manufacture and export of electronic items in an area of 110 acres of land leased through the Maharashtra Industrial Industrial Development Corporation (MIDC), Andheri (East), which over the years has become a land mark of Mumbai.
The objective was of:
(a) accelerating the progress of electronics manufacturing in India (presumably encompassing the technology transfer objective)
(b) to take advantage of the growing electronics world market (export and foreign exchange objectives).
Considering the high potential and the pollution-free nature of Gem & Jewellery Industry, the Govt. of India decided to permit manufacture and export of Gem & Jewellery items from SEEPZ during 1987-88, which soon gave a glamorous twist to SEEPZ. With a view to overcome the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and an unstable fiscal regime and with a view of attract larger foreign investments in India, the Special Economic Zones (SEZs) Policy was announced in April 2000.
SEEPZ was one of the three Export Processing Zones converted as Special Economic Zone w.e.f. 1st November, 2000.This policy intended to make SEZs engine for economic growth supported by quality infrastructure complemented by an attractive fiscal package, both at the Centre and the State level, with the minimum possible regulations. SEZs in India functioned from 1.11.2000 to 09.02.2006 under the provisions of the Foreign Trade Policy and fiscal incentives were made effective through the provisions of relevant statutes.
The main objectives of the SEZ Act are: Generation of additional economic activity
● Promotion of exports goods and services
● Promotion of investment from domestic and foreign sources
● Creation of employment opportunities
● Development of infrastructure facilities
● To install confidence in investors and signal the Government’s commitment to a stable SEZ policy regime and with a view to impart stability to the SEZ regime thereby generating greater economic activity and employment through the establishment of SEZs. The Special Economic Zones Act, 2005, was passed by parliament in May, 2005 and SEZ Rules, came into effect on 10th February, 2006, providing for drastic simplification of procedures and for single window clearance on matters relating to central as well as state governments."