Fate of Land Ordinance Bill to be decided within 48 hours: Arun Jaitley

“Wait for next 48 hours (for a decision on land ordinance),” Finance Minister Arun Jaitley said, when asked whether the government has take a decision with regard to repromulgate the ordinance which lapses on August 31. The land acquisition ordinance, which sought to make land acquisition for industrial projects easier, generated lot of political controversy and was promulgated for three times.

The government yesterday issued a statutory order on Land Bill in lieu of re-promulgation of land ordinance. The order will ensure compensation for land acquired under 13 Acts and will safeguard the rehabilitation of land owners.

Replying to a host of questions at a function here, Jaitley made a case for lowering interest rates saying it was essential to raise the growth rate to 8-10 per cent.

“If we have to jump to 8 per cent plus or 8-10 per cent growth bracket than all the than all the stalled projects (have to be revived) and cost of capital have to go down,” Jaitley said.