Concerned over the land acquisition bill, the Federation of Indian Chambers of Commerce and Industry (FICCI), an apex business organization has said that the proposed land acquisition bill should balance the interests of the farmers and the industry.
The FICCI president Naina Lal Kidwai said that the proposed bill has become a concern for the industry as some of the proposed changes in it are not in line with the way of growth and employment. The bill proposes the payment of compensation to land owners that is up to four times the market value in rural areas and two times the market value in urban areas. Kidwai further stated that the application of Rehabilitation and Resettlement (R&R) to private transactions on willing buyer willing seller basis defies economic logic.
Though the industry body said that it favours fair compensation for land owners but on the other hand it needs to be ensured that land is available to industry at competitive rates, without delays and with certainty.
In an all party meeting most of the political parties consented over the much-awaited land acquisition bill after the government gave in to a key demand of opposition for 50 per cent compensation to farmers and sorted out certain other sticky issues. As per the proposed bill, permission of 80 percent of landowners would be required to acquire land for private industrial projects and in case of Public-Private Partnership projects permission of 70 percent of the landowners would be mandatory. The bill also has provisions to return the unutilized land to the land losers.
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