Online edition of India's National Newspaper
Friday, Sep 29, 2006
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Online edition of India's National Newspaper Friday, Sep 29, 2006 ePaper |
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National
Special Correspondent
NEW DELHI: Commerce and Industry Minister Kamal Nath on Thursday reiterated that the Government would take adequate steps to ensure there was no real estate scam in the Special Economic Zones schemes as was widely feared. Moreover, no prime agricultural land would be acquired for setting up the zones. On ICICI Bank chairman K.V. Kamath's comment in Mumbai that the bank would be cautious in lending to the SEZs till there was clarity, he said there would be clarity soon. At a function organised by the Export Promotion Councils for export-oriented units and SEZ units, Mr. Kamal Nath said no fresh land acquisition had been made in the case of the 150 SEZs that were initially cleared since the land was already with developers or the State Industrial Corporations. In fact, the Centre had advised all the State Governments to keep away from land acquisition as far as possible and let private companies negotiate with landowners. All Chief Ministers supported the SEZ policy because they wanted economic activity. On the Left parties' criticism, he said the SEZ Act and rules addressed concerns in a more effective manner than the model proposed by them, which was followed in West Bengal. He was also critical of the International Monetary Fund's comments on revenue loss due to tax concessions given to the SEZs. According to an official release, the mega multi-product SEZ of Posco in Orissa was given in-principle clearance along with 12 others, while the Board of Approvals gave final approval to 18 cases. Besides, six more SEZs were notified, taking the total number of notified zones to 32.The biggest SEZ belonged to the Essar Group at Hazira in Gujarat. The SEZ would be dedicated to engineering products.
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