Maharashtra's SEZ exit policy may not be successful: Credai

Maharashtra's SEZ exit policy may not be successful: Credai Mumbai: Raising doubts about the success of the new industrial policy for Maharashtra, developers' apex body Credai on Wednesday said integrated industrial parks may not be successful as Special Economic Zones have failed to take off.

"We wonder how the integrated industrial township policy will be successful where the SEZ concept to promote industries with a plethora of concessions has failed," Confederation of Real Estate Developers' Association of India (Credai) President Lalit Kumar Jain said in a statement here.

The new policy allows an exit route for special economic zone (SEZ) developers, whose projects have got stuck due to issues like land acquisition or changes in tax laws by the Union government.

"It is heartening to note that state government is trying to give some incentives to generate higher employment. The new industrial policy is welcome in that sense. However, the policy on conversion of SEZ seems to be going nowhere. Government needs to understand as to why and how SEZs have failed," he said.

"We have to realise the fact that the integrated industrial parks will not be successful if SEZ have failed even to take off, despite the concessions granted to them, leave alone achieving desired results," he added.

It is for the Centre and state together that facilitated SEZ, to ponder over the failure of SEZ and take corrective measures to ensure that its aims and objectives are met, Jain said.

PTI