In a plan to overcome fiscal deficit in the country, government of India is drafting a new Land Authority of India. This body will take over the unused and under-utilized government land and coin it. An estimated fortune of Rs 1 lakh crore is anticipated from this much needed step that will awaken the dull economy.
A huge area of land is occupied by several government bodies that are used as a wasteland and became like a vestigial organ. This new proposal will aid in making the land useful which will also be profitable for the condition of the financial situation of the country.
The Union urban development minister Kamal Nath said that “Surplus land across the country with bodies such CPWD, DDA, Railways, Defence, public sector undertakings and other government agencies can be put in the sale basket. This can help us raise over Rs 1 lakh crore in six months and help us rein in the fiscal deficit.”
Delhi Development Authority and Cental Public Works Department holds enormous hectares of land that can be either utilized or sold. Overall 20,000 hectares of land is vacant and falls under different PSU’s. Taking an instance Air India holds land of worth Rs 700 crore, thus if it struggles for finance then selling that piece of land would be the best solution.
With a cabinet sanction, this authority could be brought into power. And if everything goes smoothly, then a better financial situation is foreseen.