Five Special Economic Zone developers did not follow rules: Suresh Prabhu

According to Prabhu, apart from Mahindra World City and Ansal IT City & Parks, the new Chennai Township, Ganesh Housing Corporation and Persipina Developers are the developers.

Published: 04th February 2019 10:55 PM  |   Last Updated: 04th February 2019 10:55 PM   |  A+A-

Suresh Prabhu

Commerce and Industry Minister Suresh Prabhu (File | PTI)

By PTI

NEW DELHI: As many as five special economic zone developers including Mahindra World City and Ansal IT City & Parks did not follow the rules laid down by the government, Parliament was informed on Monday.

The information was provided by Commerce and Industry Minister Suresh Prabhu in a written reply to the Lok Sabha. The other developers include new Chennai Township, Ganesh Housing Corporation, and Persipina Developers, he said.

Prabhu also said that presently, formal approval has been accorded for setting up of 421 SEZs in the country. "Out of the 421 approved, 355 SEZs have been notified and out of which 231 are operational," he added.

SEZs, which once contributed significantly in the country's exports, started losing sheen after the government decided to roll back tax incentives and imposed a minimum alternate tax and dividend distribution tax.

The commerce ministry has sought stakeholders' views on a report submitted by a panel to revive these zones. The SEZ Act, 2005, supported by SEZ rules, came into effect on February 10, 2006. Exports from SEZs grew about 15 per cent to Rs 5.52 lakh crore in 2017-18 as compared to the previous fiscal.

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