Skip to main content

NDA blinks paves way for land law

Govt agrees to drop key amendments, including those doing away with consent clause, social impact assessment
In a major climbdown, the National Democratic Alliance (NDA) on Monday agreed to drop key amendments, including those doing away with the so-called consent clause and social impact assessment in the controversial 2015 land acquisition bill.
The unexpected move by the Bharatiya Janata Party (BJP)-led NDA to meet the opposition more than halfway sets the stage for striking consensus on passage of the legislation, designed to address impediments to expanding manufacturing capacity in the country.
Politically, however, this is a big setback to the BJP, particularly Prime Minister Narendra Modi, since the government had, despite opposition from within and outside the party, stuck to its stand to dilute the land acquisition provisions in the existing land law.
This disrupted most of the budget session of Parliament and eventually forced the government to refer the bill to a parliamentary committee.
Participating in the meeting on Monday of the joint committee of Parliament set up to study the controversial bill, members of the NDA moved a resolution to withdraw six controversial amendments that had been opposed vehemently by a united opposition led by the Congress. As a result, the committee is now expected to submit a consensus report by 7 August to Parliament.
“The government had proposed nine amendments and they have rolled back six,” said a person familiar with the development.
One of the amendments that has been dropped has to do with the scrapping of the consent clause that was a key element of the 2013 land law shepherded by the previous Congress-led United Progressive Alliance government through Parliament in 2013.
That law, passed by Parliament in 2013, replaced an 1894 land acquisition act that was seen as anti- farmer and anti-industry at the same time.
The consent clause in the 2013 law mandated that those acquiring land get the assent of 70% farmers for public-private partnerships and 80% for private projects.. This was removed by the NDA to accommodate concerns of industry that the process of acquisition would be drawn out. It will now be reinstated.
Another key clause that has been reinstated is on social impact assessment. Industry believed this delays the process of acquisition. The NDA removed this in its version of the bill.
Another amendment sought to dilute stringent provisions that sought to punish officials for any malpractices during acquisition of land.
HT Mint, New Delhi, 4th August 2015

Comments

Popular posts from this blog

Credit card spending growth declines on RBI gaze, stress build-up

  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the...

SFBs should be vigilant, proactive to mitigate risks: RBI deputy guv

  The Reserve Bank of India’s Deputy Governor Swaminathan J on Friday instructed the directors of small finance banks (SFBs) to be vigilant and proactive in identifying emerging risks in the sector.Speaking at a conference for directors on the boards of SFBs, Swaminathan highlighted the role of governance in guiding SFBs towards sustainable growth with stability. He also emphasised the importance of sustainable business models.Additionally, he highlighted the need for strengthening cybersecurity to protect the entities against digital threats and urged for a stronger focus on financial inclusion, customer service, and grievance redressal to ensure a broader reach of banking services.Executive Directors S C Murmu, Rohit Jain, and R L K Rao, along with other senior officials representing the Supervision, Regulation, and Enforcement Departments of the RBI, also participated in the conference.   -  Business Standard  30 th  September, 2024

Brigade Hotel Ventures files draft papers with Sebi for Rs 900 crore IPO

  Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed draft papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO).The proposed IPO is entirely a fresh issue of equity shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP).Proceeds from the issue to the tune of Rs 481 crore will go towards payment of debt, Rs 412 crore will be allocated to the company and Rs 69 crore to its material subsidiary, SRP Prosperita Hotel Ventures Ltd.Additionally, Rs 107.52 crore will be used to purchase an undivided share of land from the Promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.The company may raise up to Rs 180 crore through a Pre-IPO Placement.   If the placement is undertaken, the issue size will be reduced.Brigade Hotel Ventures Ltd is a wholly-owned subsidiary of Brigade Enterprises ...