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Thursday, February 7, 2008

Minister favours lifting the cap on SEZ size

Less than a year after the empowered Group of Ministers had imposed a land ceiling of 5,000 hectares on Special Economic Zones, Mr Kamal Nath, the Commerce and Industry Minister, has strongly favoured lifting the cap stating many states want l arge sized SEZs.

"We are looking at it (the 5000 hectare land ceiling). There are some states, which want large SEZs. One cannot have a port SEZ in Madhya Pradesh. Likewise one cannot have a similar policy in Kerala as you have in Madhya Pradesh. There cannot be a 'one-s ize-fits-all' policy in the nature of our States," Mr Nath said.

The empowered Group of Ministers, headed by External Affairs Minister Mr Pranab Mukherjee, had imposed a 5000-hectare ceiling on SEZs last year following widespread protests over land acquisition. The meeting of the GoM, scheduled for February 4 to revie w the land ceiling was cancelled.

Lifting of the land ceiling would help big developers like Reliance Industries, DLF, Omaxe and Ascendas who had planned mega multi-product SEZs. The Commerce Ministry had earlier submitted a proposal before the GoM favouring relaxation of rules on land size arguing that concerns over displacement have been addressed in the legislation-backed resettlement and rehabilitation policy. - PTI

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GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jun 26
21:00 4-Week Bill Auction 1 4.00% 4.06%
22:30 7-Year Note Auction 1 4.022% 4.194%
22:45 Fed's Barr speech 2
Friday, Jun 27
03:30 ANZ – Roy Morgan Consumer Confidence 2 98.8 92.9
04:30 Fed's Kashkari speech 2
17:00 Fed's Williams speech 2
18:00 Personal Spending 2 0.1% 0.2%
18:00 Personal Consumption Expenditures - Price Index (MoM) 2 0.1% 0.1%
18:00 Core Personal Consumption Expenditures - Price Index (MoM) 3 0.1% 0.1%
18:00 Personal Income (MoM) 2 0.3% 0.8%
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