Centre moots infra status for SEZs
In a bid to shore up exports which is being hit due to the global meltdown, the centre has written to the Reserve Bank of India to withdraw special economic zones (SEZs) and industrial parks under the real estate category and bring them under the ambit of infrastructure.
The current categorisation of SEZs and industrial parks dampened their growth due to which exports have suffered badly.
The notification, when issued by the RBI would help developers access finance and will help SEZs raise loans at a cheaper rates from domestic banks.
Since 2006, loans issued to SEZs were being treated on par with loans given to the commercial real estate sector carrying higher risk weightage than loans provided to the infrastructure sector.
Hence the SEZ developers were finding it difficult to tap the local debt market.