22-Dec-2009

Govt Not To Involve Itself in Land Grab

From FT:
India’s top business organisation is warning that a bill on land purchasing due to be introduced in parliament this week would hinder industrial development by making it more difficult for private companies to buy sites for big factories.

Under the proposed bill, state power to acquire land for infrastructure or defence would be enhanced and protections would be put in place to ensure fairer compensation for farmers whose land was taken.

The state, however, would no longer take the lead in buying land for factories, office parks, residential areas or economic zones. Instead, that would be left to private groups, with the condition that once the buyer was able to secure at least 70 per cent of the required land, the state could step in to compel those holding out to sell.

Nice. But as expected, the business world doesn't like it one bit. Too bad.

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