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Kamal Nath asks PM to look into SEZ policy

Nath wants PM to ensure clarity in policies after asking RBI to be consistent about its approach towards SEZs.

india Updated: Sep 28, 2006 14:50 IST
Press Trust of India
Press Trust of India

After asking RBI to be consistent in its approach toward Special Economic Zones, Commerce Minister Kamal Nath has now sought Prime Minister Manmohan Singh's intervention to ensure clarity in the SEZ policy.

"The Prime Minister is looking at it... I have brought it to his notice," Nath said when asked whether RBI's directive to commercial banks to treat exposure to SEZs as real estate projects would not deter prospective developers.

RBI in its annual report had itself praised the SEZ scheme, Nath said, adding that the central bank must be consistent in its stand toward SEZs.

"The industry must take it up with the RBI," he said at a function organised by Export Promotion Council for EOUs and SEZ units in New Delhi.

Nath also dared critics of the SEZ policy for an "open debate" and asserted that the government would not allow the scheme to be sabotaged.

"I am willing for an open debate, but nobody is coming forward. There are some real concerns, which the government will address. But there are some imaginary concerns also... SEZs are the engines of growth and the government will not allow the regime to be sabotaged," he said.

First Published: Sep 28, 2006 14:50 IST