New Delhi, Dec 20 (IANS) The Centre on Friday notified a major reform to the existing SEZ legal framework by amending the existing provisions governing the minimum land area requirement amongst others.
The existing provisions governing the categorisation as sector-specific and multi-product SEZs were amended, and now all existing and new zones would become multi-sectoral.
Further, the provisions governing the minimum land area requirement for setting up of SEZs have been relaxed and simplified.
The amended legal framework mandates a minimum land area requirement for setting up a multi-product SEZ to be 50 hectares from an earlier 500 hectares.
Similarly, the minimum built-up area requirements for services have also been significantly reduced.
The Centre expects the amended legal framework to be a major step in unlocking the potential of SEZs to attract investments and boost exports.