Twenty out of 30 SEZ is likely to be canceled by MIDC

Pune: According to the fresh reports 20 out of 30 Special Economic Zones (SEZs) is soon likely to be canceled by the Maharashtra Industrial Development Corporation (MIDC), MIDC has proposed to cancel all the 20 from 30 SEZs as it has identified in the state and termed as non-feasible because of heavy taxation in the proposed direct tax code and slow improvement in the economy of the US and European countries.
According to the MIDC chief executive officer K Shivaji “the SEZs has expected a huge demand from the overseas markets like US and Europe particularly it has demanded for finished products in engineering and information technology sectors.” Economy of these countries is still facing slowdown so those companies which have applied for these projects wanted to quit. Officer added that “government already has denotified five SEZs and the left would be denotified after the completion of regular procedure.”