New Delhi, India–
The Ministry of Commerce and Industry has notified setting up of the first-ever special economic zone (SEZ) in Tripura.
The SEZ is being set-up at Paschim Jalefa in Sabroom which is in south Tripura district, about 130 km from the capital city of Agartala. It will be a sector-specific economic zone for food processing. Tripura Industrial Development Corporation (TIDC) Ltd will develop it with an investment of Rs 1,550 crore, according to an official statement released on Wednesday.
The SEZ is estimated to generate 12,000 skilled jobs. Rubber-based factories, textile and apparel units, bamboo and agri-food processing industries will be set-up in the SEZ.
“The setting up of SEZ in Sabroom will open up new avenues to attract private investment, considering the proximity of Chittagong Port and construction of a bridge across Feni river in south Tripura which is underway,” said the statement.
After the SEZ is set up, 100 per cent income tax exemption will be provided on export income for units under Section 10AA of the Income Tax Act for the first five years.
Besides, 50 per cent exemption will be provided for the next five years and 50 per cent of the ploughed back export profit for another five years.