Centre to take ordinance route to effect changes in Land Acquisition Act New Delhi l CNN IBN After yet another winter session of Parliament was washed out, wherein the Narendra Modi government failed to pass crucial economic reforms, it is now planning the ordinance route to make changes to the Land Acquisition Act. The government plans to exclude 13 central laws to clear several infrastructure and Public Private Partnership projects. Government sources have told the Indian Express that necessary directions have been issued to the Rural Development Ministry to get the draft ordinance vetted by the Law Ministry. Sources said that Cabinet approval could be taken as early as next week for making changes to the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. The Cabinet has already approved the ordinance route for coal and insurance reforms and also liberalised foreign investment policy in the medical devices sector. The Cabinet approved promulgation of the Ordinance on Insurance Bill, re-promulgation of the Coal Ordinance and allowing up to 100 per cent FDI in medical devices in the pharmaceutical sector under the automatic route. Finance Minister Arun Jaitley expressed the hope that hiking of the foreign investment cap in the insurance sector to 49 per cent, which has been pending since 2008, will result in capital inflow of $6 billion. The Ordinance demonstrates the firm commitment and determination of this government to reforms. It also announces to the rest of the world including investors that this country can no longer wait even if one of the houses of Parliament waits indefinitely to take up its agenda, he said. The Insurance Laws Amendment Bill, 2008 could not be taken up for discussion in Parliament despite being approved by the Select Committee of the Upper House because of the uproar over the conversion and other issues. The Coal Mines (Special Provisions) Bill, 2014 has already been approved by the Lok Sabha during the session but could make no progress in the upper House. The re-promulgation of ordinance on coal will facilitate e-auction of coal blocks for private companies for captive use and allot mines directly to state and central PSUs. Liberalising of the FDI policy for the medical device segment in the pharmaceutical sector is expected to help attract more investments and boost the domestic manufacturing.
Posted on: Mon, 29 Dec 2014 10:49:11 +0000
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