Advertisement

HindustanTimes Wed,30 Jul 2014

New policy a boost for state's SEZ investors

Dharmendra Jore, Hindustan Times  Mumbai, January 03, 2013
First Published: 00:51 IST(3/1/2013) | Last Updated: 00:53 IST(3/1/2013)

The state cabinet on Wednesday approved a new industry policy that allows investors in special economic zones (SEZ) to convert these projects into integrated industrial areas (IIAs).

Advertisement

Under the IIA scheme, investors must use 60% of the land for primary production, but the remaining 40% can be used for residential or commercial or allied manufacturing purposes.

While the Congress said the policy aims to encourage investment in industry by getting investors of de-notified SEZs to use the land acquired for industrial purpose, the NCP said it's a way of giving prime real estate to developers and making huge profits.

Of the 146 notified SEZs — tax-free enclaves focused on exports — in Maharashtra, only 17 are operational, while 22 have been de-notified or withdrawn because of changes in the Centre's tax policy.

Around 31,000 hectares have been acquired, mostly through private deals, for the 22 SEZs.


Advertisement
more from Mumbai

Mumbai: Heavy rain adds 34 days of water stock for city

After three days of heavy rainfall, the seven lakes that supply water to the city are showing significant signs of recovery. In the last 24 hours, the city has got an additional 34 days of water stock.
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved