"Delays in land acquisition to hit $100 bn investments" [India]

Author: Business Standard [India], Published on: 8 October 2009

A report released by the steel ministry...[says]... 22 major steel projects in the country worth $82 billion are being held up because of procedural delays in obtaining environmental impact assessment clearance...[and]...delays in land acquisition mainly due to public protests...The report suggested a five-point strategy...include a broad based national political will to ensure smooth and timely introduction of the contentious land acquisition amendment Bill, a National Land Bank for land development and development of waste land for industrial projects...remunerative compensation for the acquired land to farmers and other land owners based on market price along with equity ownership in projects, state level forums to assess the economic, environmental, social and cultural viability of rehabilitation and resettlement programmes and rehabilitation related programmes for the displaced land owners to be seen as a fundamental responsibility of the land acquiring company in question. [refers to ArcelorMittal, Essar Steel, Jindal Steel, Posco and Tata Steel]

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Related companies: Arcelor Mittal Essar Group Jindal Posco Tata Group Tata Iron and Steel (TISCO) (part of Tata Group)