They’re the biggest loss makers
There was quite a lot of apprehension regarding Special Economic Zones (SEZ) since their inception. The recent review on SEZ by Comptroller and Auditor General (CAG) fortifies the same apprehension. CAG review concluded that these SEZ are favouring corporates at the cost of state revenue. The review further proves that there were systemic weaknesses that caused lost revenues to the tune of Rs.246.72 crores and an irrecoverable loss of Rs.1,724.67 crores.
Moreover, due to subsidy and tax holiday, the government had a loss of Rs. 8,842 crores [during the period 2000-01 to 2005-06] against an estimate of Rs.2,146 crores.
There was quite a lot of apprehension regarding Special Economic Zones (SEZ) since their inception. The recent review on SEZ by Comptroller and Auditor General (CAG) fortifies the same apprehension. CAG review concluded that these SEZ are favouring corporates at the cost of state revenue. The review further proves that there were systemic weaknesses that caused lost revenues to the tune of Rs.246.72 crores and an irrecoverable loss of Rs.1,724.67 crores.
Moreover, due to subsidy and tax holiday, the government had a loss of Rs. 8,842 crores [during the period 2000-01 to 2005-06] against an estimate of Rs.2,146 crores.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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