New Delhi: The Land Bill introduced in Parliament on Monday will create millions of jobs, meet the aspirations of farmers, and help spur growth in the economy, industry body CII said Wednesday.
The industry body termed the Bill as a vital piece of legislation that will seek to bridge the economic divide and propel inclusive growth in the country.
"Industry and farmers should not be viewed as opponents when it comes to the land bill. Development needs equitable participation by industry and the farm community.
"Job creation through inclusive growth is the foundation on which development and growth reside and it is this spirit that embodies the new Land Bill," CII President Sumit Mazumder said.
"The land acquisition ordinance could not have come at a more opportune time when developmental infrastructure and industrial projects worth crores of rupees are delayed due to hurdles in land acquisition. This deprives millions of landless people of job opportunities and forces them to migrate to urban slums to look for livelihood," Mazumder said.
The Land Bill is expected to benefit millions of rural migrants and help the country urbanise, CII said.
The Government's move to maintain the compensation package at four-times the market value in rural areas and two- times in urban areas will go a long way in ensuring that the land owners and farmers are adequately compensated, the industry body said.
CII supports this provision as such land owners and farmers are important stakeholders in the developmental process, it added.
