SEZs un­duly ben­e­fit­ted de­vel­op­ers: CAG

Down to Earth - - THE FORTNIGHT -

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.

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