The Confederation of Indian Industry (CII) has expressed concern over the appreciation value set in the Land Acquisition Bill and said that the proposed value would make land cost economically unviable for industries.
The National Land Acquisition and Rehabilitation and Resettlement Bill was approved by the Union Cabinet on Monday (September 5) and will be introduced in Parliament during the current monsoon session. The proposed law seeks to replace the 117-year-old Land Acquisition Bill, 1894.
Addressing a press conference here on Wednesday, CII Southern Region Chairman T.T. Ashok said that the Bill proposed the appreciation value be set at 1,000 to 1,500 per cent. The industry would be acceptable to somewhere between 500 and 1,000 per cent and CII will present its views to the government on the Bill.
The National Manufacturing Policy envisaged megacities of industrial hubs, which would require around 2,000 hectares and hence its costs should be affordable.
The CII supported open, fair and a transparent relief and rehabilitation package, which should also be sustainable over the long term, he said.
Stating that the CII was for “zero-tolerance” on corruption, he said that it was working on a Code of Business Ethics. The impact of corruption was widespread, he said.
