What innovative strategies and policies should India implement to ensure it becomes a fully developed country by 2047, and how can citizens contribute to this vision?
Land banks are government agencies or private organisations that help manage and dispose of vacant properties, vacant land, or tax-delinquent properties so that these can be redeveloped for more productive use. Adoption of the idea of land banks has the following advantages: Ready availability of laRead more
Land banks are government agencies or private organisations that help manage and dispose of vacant properties, vacant land, or tax-delinquent properties so that these can be redeveloped for more productive use. Adoption of the idea of land banks has the following advantages:
- Ready availability of land: Land banks will help in reducing land-related litigations and streamlining the availability of associated permits, which would help reduce cost overruns and decrease corporate bankruptcy.
- Attract investment: Land banks 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 and boost investments.
- Addressing inordinate delay in disposing government land: This happens due to the absence of a single comprehensive land database, opposition from trade unions, illegal encroachment and lack of coordination between various ministries. A dedicated land bank will ensure time-bound disposal of unutilised land.
- Improves land utilisation: Land banks will allow for better utilization of unused government land, including that in notified SEZs, which has about 52 percent vacant land. Moreover, the government can use these lands for public projects like highway construction, afforestation, nature restoration etc. and promote economic development.
- Promotes economic activity: At a time when the COVID-19 pandemic has led to the halt of many economic activities, land banks can be used to attract investment and jump-start the economy.
However, pursuing the idea of land bank scheme may not always lead to expected results and could create various issues, such as
- Questions of ownership and rights: Common or joint ownership of land is a practice in India and any difference between owners over the control of land and its use could lead to land conflict.
- Legal loopholes: According to the Forest Conservation Act of 1980, the government is required to get forest clearances or approval from the Ministry of Environment to use forest land for a non-forest purpose. However, there is no provision to obtain forest clearance for a land bank under the Act.
- Potential future conflicts: There is a potential risk of future investments on land under the land bank scheme facing conflicts similar to those that prevented the previously planned projects. Moreover, the mismatch between the de jure records presented by the bank and the de facto utilisation on the ground leads to ambiguity.
In order to make land banks a robust strategy, associated concerns should be given adequate attention. Reforms including creation of a land record repository, digitization and integration of all records relating to land ownership titles, adequate checks and balances, defining a structured timeline for timely resolution of property disputes etc. need to be adopted.
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To start with the most evident fact which entails India to be the fastest growing economy in modern times. The average growth rate of the GDP of the Indian economy is 6.33% with its current standing at 8.2%. It has already surpassed the United Kingdom by becoming 5th largest economy in the GDP rankiRead more
To start with the most evident fact which entails India to be the fastest growing economy in modern times. The average growth rate of the GDP of the Indian economy is 6.33% with its current standing at 8.2%. It has already surpassed the United Kingdom by becoming 5th largest economy in the GDP rankings.
There are several reasons why India can become a developed nation. First and foremost is the population structure of India, though we stand at a grand 1.45 billion surpassing China, there is a point to be noted that more than 50% of its population is below the age of 25 and more than 65% is below the age of 35 showcasing increased productivity further having a positive impact on its GDP.
The current advent of new businesses and start ups have further increased job opportunities. In addition to this the New Education Policy that is being implemented will transform the education sector, helping students learn actual valuable skills rather than rote learning through field projects focusing on a more holistic developmental approach.
The most basic thing the citizens of India can do to haste the developmental process is inculcating discipline in every aspect of their life. Be it traffic rules, safety rules, abiding by the law, stopping bribery or living a disciplined life even in terms of maintaining good health to increase the production capacity of the economy. The second aspect being maintaining peace and harmony and living by the morals of unity in such a vastly diverse country. These aspects will surely impact the developmental process procell of India to become a leading economy and superpower soon.
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