Land Purchase Reform Vows made by Finance Minister ArunJaitley
The new land reform policies brought by the Land Acquisition Act shall be pushed irrespective of whether a consensus is reached or not.
The NDA government is working on implementing fresh measures to ensure the execution of the new Land Acquisition Act. Finance Minister ArunJaitley in a recently mentioned that the government shall be implementing amended land purchase reform vows with the objective of fulfilling Prime Minister Modi’s aim of creating 100 new “smart” cities in India. According to Jaitley, the law which had already been passed last year during the time when the now ruling Bharatiya Janata Party was in opposition, will help in land acquisition.
An allocation of Rs. 7060 had been made for this scheme of development. Earlier laws made it difficult for businesses in acquiring land from farmers thereby slowing down industrial growth and development. Fair compensation for the loss of livelihood of farmers shall be sought in the process of acquiring lands for any industrial or infrastructure projects.
Where the problem lies:
Although the law has already been passed, there are several complex procedures involved which has made it difficult, especially for those with large scale-industrial projects in need of greater areas of land.
Parliamentary approval as well as vote from the upper house will be required for proper amendment and imposition of the new law. The BJP does not have a majority in the Rajya Sabha which can pose a hindrance for this. However, according to what Mr. Jaitley has ‘vowed’, the land purchase reform shall be pushed forward even if it fails to reach a consensus.
Plans by the Finance Minister:
Reports say that Mr. Jaitley plans to begin selling stakes of government owned companies that can help in a delayed land acquisition programme. The equity in public sector bands is reported to be brought down by 52 per cent according to Mr. Jaitley. Such steps, he believes can help in restoring the confidence of the Indian Economy, which has been going through a challenging phase for some time now and this form of expansion will not only have a positive impact on the growth rate of the Economy.
Source: NDTV Profit
ArunJaitley, Bharatiya Janata Party, Finance Minister ArunJaitley, large scale-industrial projects, NDA government
