Nagpur: Concerned about Mihan-SEZ having mostly IT units that do not generate any cargo and too few manufacturing ones, its developer Maharashtra Airport Development Company (MADC) is now focusing on attracting the pharmaceutical industries. This is because it is now felt that there is a little chance of any core manufacturing sector unit checking-in at SEZ here.
Bringing SEZs units within the ambit of minimum alternate tax (MAT) from 2011 has made the entire SEZ scheme unattractive as it reduces the tax sops considerably. With land in Mihan SEZ priced at Rs 60 lakh an acre and tax sops reduced, manufacturing industries are preferring regular industrial estates to SEZ, say sources in the business. They believed that this will give focus to the whole project and ultimately boost the region's economy.
16/06/12 Shishir Arya/Times of India