Tripura gets its first SEZ in Sabroom

Tripura is all set to get its first Special Economic Zone (SEZ) as the Ministry of Commerce and Industry (MCI) has issued a notification for the same on December 16, 2019. Tripura’s first SEZ will be established at Jalefa, Sabroom, South Tripura District.

Sarbroom is about 130 km away from Agartala. This SEZ will be an agro-based food processing sector specified economic zone. This project will help hundreds of native people to get employment and provide an opportunity to learn new technologies in the agro-based food processing sector.

About Sabroom SEZ Project

• As per the government notification, the entire investment project will cost around 1550 crore.
• Tripura Industrial Development Corporation (TIDC) Ltd will be the developer of the SEZ in the area.
• According to the government’s estimate, this SEZ will generate 12,000 skilled jobs and employment.
• There will be several industries participate in the SEZ including agri-food processing, textile and apparel industries, rubber-based industries and bamboo industry.

Also Read | Aadhaar-Pan linking mandatory by December 31: IT Department 

Benefits of Sabroom SEZ Project

The government believes that Sabroom SEZ will open up new avenues to attract private firms to invest in the region. Since the area is close to the Chittagong Port and Feni River in South Tripura, it will provide more overseas business opportunities to the native people. The government will provide 100 percent income tax relief on export. This exemption will be given for the first five years under Section 10AA of the Income Tax Act (ITA). Not only this, there will be a 50 per cent exemption to be provided for the next five years and fifty per cent of ploughed back export profit for the next five years.

What is SEZ?

A Special Economic Zone or SEZ is a specially defined geographical area for trade, economic activity, production and other commercial activities. These zones are developed within the border of the country to encourage commercial activities keeping in mind the special economic rules and regulations. India is one of the top countries that set up such geographical units specifically to promote industry and trade activities. India is the first Asian country that established an SEZ in Kandla in 1965 to increase exports. It was named Export Processing Zone (EPZ).

Also Read | Union Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019

Also Read | Lok Sabha passes International Financial Services Bill