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India Economics, Politics And Society

2554 words - 11 pages

1. Summary:

The Indian government has the power to acquire private land for public use (the philosophy of eminent domain). Land acquisition is a very important and absolutely necessary activity that every government must undertake, and it is absolutely imperative that the government have a clear, just and feasible policy regarding land acquisition that provides fair compensation to the parties affected by the acquisition.

A land acquisition policy must be clear on the factors mentioned blow:

1. The definition of public use (or the type of projects that the policy is applicable for):

In general, the definition includes strategic purposes (those relating to Defense), infrastructure ...view middle of the document...

Acts may also have provisions for rehabilitation and resettlement of affected parties, or they may also be compensated in the form of guaranteed employment in the project the land is to be used for.

The 1894 Land Acquisition Act was drafted by the British colonialists in India only with the motive of furthering their own interests.

The Land Acquisition Rehabilitation and Resettlement Act of 2013 made Social Impact Assessment and consent of 80% of displaced people mandatory requirements for the acquisition of land and imposed severe restrictions on the acquisition of irrigated multi crop lands. The Act was also however seen to be heavily loaded in favour of land owners. The Act was slammed by industrialists, economists, etc to be detrimental towards India’s progress and development.

The ordinance amending the LARRA 2013 passed in 2014 made exceptions to the more stringent sections of 2013’s Act for security, defense, rural infra, industrial corridors and social infra projects.

A better and fairer land acquisition policy must be drafted and passed into law to make the land acquisition process more efficient, time-bound and conducive to industrial development, while, at the same time, providing proper rehabilitation for those displaced and a fair value of compensation for all parties affected (lessons may be learnt here from other countries, like Japan which has a much more consultative process for its land acquisitions)

2. India’s recent monetary policy:

Monetary and Liquidity Measures taken by RBI in recent past:
The RBI cut interest rates for a third time this year by quarter point reduction in the repo rate to 7.25 percent.
"I would characterise the policy today as neither conservative nor aggressive. In some sense, it is a Goldilocks policy: just right given the current situation," Rajan said.
Major changes and their effects:
•reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.5 per cent to 7.25 per cent with immediate effect;
•keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand and time liabilities (NDTL);
•continue to provide liquidity under overnight repos at 0.25 per cent of bank-wise NDTL at the LAF repo rate and liquidity under 14-day term repos as well as longer term repos of up to 0.75 per cent of NDTL of the banking system through auctions; and
•Continue with overnight/term variable rate repos and reverse repos to smooth liquidity.
Consequently, the reverse repo rate under the LAF stands adjusted to 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 8.25 per cent.

Due to above policy changes, below stated things will be affected :
Liquidity adjustment facility (LAF) is a monetary policy tool which allows banks to borrow money through repurchase agreements. LAF is used to aid banks in adjusting the day to day mismatches in liquidity. LAF consists of repo and reverse repo...

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