The Finance Minister Nirmala Sitharaman announced a series of land-related reforms and actions in rural and urban areas. A key measure was to digitise land records in urban areas via GIS mapping.
As a result, MapMyIndia and Genesys saw their share price surge up to 10 percent in trade on July 23.
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In the Budget speech, the FM stated, "Rural land-related actions will include assignment of a unique Aadhaar for all lands, digitisation of terrestrial maps, survey of lands, and establishment of land registry."
Additionally, she announced that an IT-based system for property record administration, updating, and tax administration will be established to also facilitate improving the financial position of urban local bodies.
The Economic Survey for 2023-24 tabled in Parliament on July 22 had also highlighted that government still struggles with on-boarding of digital land record which leads to land acquisition delays while constructing national highways.
It also said that the government also continues to face delays in highway construction projects due to slow approvals for forest and other environmental clearances.
Studies have shown that secure land tenure is a prerequisite for economic stability and growth. Several reports by the World Bank have highlighted that clear land titles significantly enhance access to credit. In rural India, where agriculture is the primary source of livelihood, this is especially crucial.
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