SEEPZ:- Santacruz Electronic Export Processing Zone
SEEPZ stands for Santacruz Electronic Export Processing Zone. Its headquarters is in Mumbai. SEEPZ have been created in 1973 and was seen as an export processing zone. SEEPZ used to manufacture and export the electronic items in an area of 110 acres of land leased through the Maharashtra Industrial Development Corporation. It is used to promote rapid economic growth using tax and business incentives and help to attract foreign investment and technology. SEEPZ is a high entry security zone and employees of all companies need to have permanent SEEPZ gate pass for entry. Due to hassles, the government proposed to make SEEPZ a Free Trade Zone which means no excise or customs duty will ever be levied on raw materials. Its objectives are to promote exports goods and services, the development of infrastructure facilities and also create employment opportunities. It also helps in the growth of electronic world markets i.e. export and foreign exchange objectives.