#Economy LAND BANKS Why in News? The Department of Inv | CSE MAINS BOOSTER
#Economy
LAND BANKS
Why in News?
The Department of Investment and Public Asset Management has finalised the structure of the Land Bank Company that will be tasked with selling land parcels owned by government departments and public sector companies.
What is a Land Bank?
Land bank is a governmental entity or non-profit corporation that helps manage and dispose of vacant properties, vacant land, or tax-delinquent properties so that vacant property can be redeveloped for a more productive use.
NITI Aayog’s strategy for New India @ 75 suggested to adopt the system of using Geographic Information System (GIS) based maps at all levels to create pre-approved land banks for manufacturing facilities.
Benefits of a land Bank
Land use efficiency: Land banks would allow for better utilisation of unused government land, including that in notified SEZs, which has about 52% of vacant land.
Addressing inordinate delay in disposing Government land and lack of coordination between various ministries.
Boosts Investment: According to CPR (Centre for Policy Research) study, an estimated 7.7 million people in India are affected by conflict over 2.5 million hectares of land threatening investments worth $200 billion.
Land bank can serve as a one-stop solution to the free and easy accessibility of all related industrial information which will help in informed decision making by investors, boosting investments.
Ease of Doing Business: Often large projects like Vedanta’s Bauxite mining project proposal in Odisha’s Niyamgiri and Tata Motors’ project in Singur (West Bengal) got cancelled due to land issues. Availability of all associated permits and the near absence of land litigation would help reduce cost overruns, decreasing the corporate bankruptcy.
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