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Cabinet Clears Ordinance to Make Acquisition of Land Easier

Dec 29,New Delhi: Prime Minister Narendra Modi-led Cabinet on Monday approved the ordinance route for amendments to Land Acquisition Act.

Finance Minister Arun Jaitley said that "There is a need to strike a balance between farmers' interest & industrial growth,"

Restrictions on buying land, under a law championed by the last UPA government,are among barriers holding up projects worth estimated worth near $300 billion or Rs. 20 lakh crores.

"Procedural requirements have been relaxed - like the required consent of 70 per cent of affected landowners and a study on the social impact - provisions like that will not apply; higher compensation will apply," said the Finance Minister Arun Jaitley, referring to five types of projects that include industrial corridors around major highways.