SEZs unduly benefitted developers: CAG
IN A performance audit of special economic zones (SEZ) between April 2013 and January 2014, the Comptroller and Auditor General of India has criticised the government's SEZ policy. The report that has been tabled in Parliament says that vast tracts of land acquired in the name of SEZ have been de-notified but the resultant appreciation in land rates benefitted real estate developers. In Andhra Pradesh, Karnataka, Maharashtra and West Bengal, 11 developers raised a loan of ` 6,309.53 crore by mortgaging SEZ land. Of these, three developers used ` 2,211.48 crore (35 per cent) for purposes other than the development of SEZ because there was no economic activity in those SEZs.