Ordinance for Legal Acquisition Reforms will increase 'Political Risks'
Ordinance for Legal Acquisition Reforms will increase ' Political Risks ' for Investors The Government of India on Monday (29.12.2014) approved an ordinance to amend the Land Acquisition Act to remove barriers in a range of sectors like power, housing and defense to kick-start stalled projects. At a news briefing, finance minister Arun Jaitley said the five areas were clearance for land for defense purposes, rural infrastructure, affordable housing and housing projects for poor, industrial corridors, and infrastructure or social infrastructure projects, including those in public-private projects in which ownership of land will remain with the government. Mr. Jaitley said while the compensation will remain high as per the act, and rehabilitation and resettlement will be followed, the procedure for acquiring land for these projects will be easier by omitting steps like social impact assessment, impact on food security, and consent of 80 per cent land owne...