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LATEST NEWS UPDATES | 'Amendment to Land Acquisition Act being formulated'

'Amendment to Land Acquisition Act being formulated'

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published Published on Nov 22, 2010   modified Modified on Nov 22, 2010

An amendment to the Land Acquisition Act is being formulated to ensure minimum displacement of people and assess compensation on a scientific basis, Finance Secretary Ashok Chawla said on Monday.

Speaking at a one-day Infrastructure Financing Conference jointly organised by the High Commission of India and the City of London at Mansion House here, the Finance Secretary said, "The Land Acquisition (Amendment) Bill, 2010, is under preparation, based on the principles delineated in the National Rehabilitation and Resettlement Policy, 2007.

"The Bill is based on two core principles. First, there should be minimum displacement of people through acquisition of irrigated multi-crop land. Secondly, the compensation assessment should be made on a scientific basis and the procedures streamlined to ensure expeditious transfer of ownership."

"We are hopeful that the legislative process will commence, in due earnest, very shortly."

He said the Indian infrastructure sector today represents an investment opportunity that no one in the global financial community can afford to miss.

"The extent of foreign participation -- both through debt and equity -- in the financing of India's infrastructure has been of the order of 8 to 10 per cent in the recent past. I expect, in the future, a much greater degree of involvement of foreign investors in this sector," Chawla said.

He said in the last four years, 60 infrastructure proposals involving a total project cost in excess of USD 8 billion have been granted approval under the government's viability gap funding scheme.

"We are hopeful of meeting the original target of an infrastructure spend of USD 500 billion during the XI Plan period, through continued high levels of support from government sources," he added.

India's High Commissioner to the UK, Nalin Surie, former UK Cabinet Minister Patricia Hewitt and Hinduja Group President G P Hinduja were among those in attendance at the conference, held as part of ongoing celebrations to mark 60 years of the Indian Republic.

In the 2009-10 fiscal, India registered a healthy growth rate of 8.4 per cent, despite the global economic recession.

"To support and sustain this robust growth, the country needs to rapidly improve the infrastructure at a faster rate than what it is doing at present.

"Development of roads and highways, ports and shipping, power generation and transmission and urban infrastructure, apart from a whole range of other core infrastructure, requires a high investment estimated at almost USD 1.7 trillion in the next 10 years," he said.

Sify News, 23 November, 2010, http://sify.com/finance/amendment-to-land-acquisition-act-being-formulated-news-economy-klwvEigiagf.html


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