Meanwhile, with the Land Bill stuck in both Houses of Parliament, the government has finally blinked and has decided to send it to a Joint Committee with 20 members from Lok Sabha and 10 from Rajya Sabha. The committee will give its report in the next session of Parliament.
President Pranab Mukherjee has signed the ordinance as recommended by the union cabinet on March 31, official sources said.
Union Minister for Rural Development Jairam Ramesh on Sunday allayed fears of Indian industry and said the new Land Acquisition Act would make projects economically viable.
Last night the Cabinet approved the draft Land Acquisition Bill and it's widely expected it will be introduced in Parliament tomorrow. Experts debate if whether the bill creates a fair and equitable policy that both protects owners and also facilitates industry and urbanization or has it created obstacles which could affect India’s growth.
The Land Acquisition Bill was tabled today at the Lok Sabha. Mahindra & Mahindra's Arun Nanda told CNBC-TV18 that the Parliament needs to look at the 80% threshold, 5% for irrigated and the compensation package, depending on the area and whether the acquisition is private or forced.
In a first of his actions as the Rural Development minister, Jairam Ramesh is putting the draft land acquisition bill out in the public domain for comments. Siddharth Zarabi of CNBC-TV18 details the contents of the draft bill.