No consensus was reached on land acquisition bill in the all-party meet held on Tuesday. The suggested land acquisition bill was strongly opposed by the opposition leaders.
Farmers, whose lands are acquired by the government for the development of infrastructure and industrial projects, will have to wait longer. As against their expectation, the things went. It could be, as it seems, their fault to expect the government to approve land acquisition bill.
Farmers expected to get the compensation soon from the government after approving the land acquisition bill (amendment).
It was true that the government was in a hurry to pass the bill soon so as to speed up over a dozen of slow-moving projects. However the efforts of the government went in vain as no consensus on the bill could be reached in the all-party meet.
Slow land acquisition process is one of the main reasons for delayed projects. The government expected to boost the country’s downturn economy.
The government proposed speedy approval of land acquisition bill. However this was questioned by the opposition parties who did not consent with the bill.
If the government could pass the bill in the all-party meet it would have provided them an advantage in the upcoming general election. Fortune of the government would have improved or it was expected to do so.
Though the bill was approved by the Cabinet in last December, it still faces strong opposition from the parliament. So far the bill has undergone amendments almost 160 times. Still the parliament opposes the bill.
On the verge of the approval of land acquisition bill, the shares of the real estate firms have gone up. Shares in realty firms had climbed up by 11%. The main push in the sector was the consensus on the bill, which did not happen as expected.
Industries fear that the property prices will go up sharply in the rural and urban areas. The market price for land may also get doubled, making many more people homeless.