The
central government is pushing a plan to set up a Land Authority of India
that will take over all under-utilised and unused government land &
monetise them, leading to a windfall of an estimated Rs. lakh crore that can give succor to India's
burgeoning fiscal deficit.
The
ambitious proposal for a national body, which has to pass muster with a lot of government
bodies that have occupied prime land. But have put them to little use was put
forth by the Union urban development minister Mr. Kamal Nath last month
(December 2012), and has been discussed among other key ministries that include
the finance ministry as well as the prime minister's office.
Mr. Kamal
Nath said ET, "Surplus land across
India with bodies like Cental Public Works Department (CPWD), Delhi Development
Authority (DDA), Railways, Defence, public sector undertakings and other
government agencies can be put in the sale basket. All the land will vest, by a
notification, in the Land Authority of India. Let them sell it. This can help
us raise over Rs. 1 lakh crore in 6 months and help us rein in the fiscal
deficit."
The
policy, the minister told "should
be to either utilise the land or sell it".
A
scarcity of land has led to the price of land shooting up across India.
In March,
2012, the central government had budgeted a fiscal deficit of Rs 5.14 lakh
crore, or 5.1% of the gross domestic product ( GDP), for the fiscal year 2012 -
2013.
According
to official estimates, about 60 sick PSUs in India together hold nearly 20,000
hectare of vacant land.
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