Tripura gets its first Special Economic Zone(SEZ)
The Ministry of Commerce and Industry on Monday, 16th December 2019 has notified the setting up of the first-ever Special Economic Zone(SEZ) in Tripura.
The Special Economic Zone(SEZ) in Tripura will be set-up at the Paschim Jalefa region of Sabroom in the South Tripura District, which is about 130 km away from the capital city of Tripura, Agartala. The estimated investment for the Special Economic Zone(SEZ) project will be around Rs 1550 crore and will be developed by the Tripura Industrial Development Corporation(TIDC) Limited. The SEZ will be a Sector-Specific Economic Zone for Agro-based Food Processing.
The SEZ in the Sarboom region is estimated to generate 12,000 skilled jobs- Rubber based industries, Apparel and Textile Industries, bamboo, and Agri-food Processing Industries will be set up, also it will open up new avenues to attract private investment.
Once set up, 100 percent Income Tax exemption will be provided on export income from the SEZ units for the first 5 years under Section 10AA of the Income Tax Act, followed by a 50 percent exemption for the next 5 years.
Category: India Nation & States Current Affairs