At a news briefing, finance minister Arun Jaitley said the five areas were clearance for land for defence purposes, rural infrastructure, affordable housing and housing projects for poor, industrial corridors, and infrastructure or social infrastructure projects, including those in public-private projects in which ownership of land will remain with the government.
Jaitley said while the compensation will remain high as per the act, and rehabilitation and resettlement will be followed, the procedure for acquiring land for these projects will be easier by omitting steps like social impact assessment, impact on food security, and consent of 80 per cent land owners, among other features of the act.
Restrictions on buying land, under a law championed by the previous Congress-led UPA government, are among barriers holding up projects worth almost $300 billion. Several states had asked Prime Minister Narendra Modi to overhaul the law enacted in January.
READ ALSO: UPA govts in states also wanted change in Land Acquisition Act, Gadkari says
They will also be exempt from holding a social impact study involving public hearings — procedures that industry executives say can drag out the acquisition process for years.
After Parliament's winter session ended in a logjam on December 23, as the opposition stalled business in Rajya Sabha, the government passed two ordinances to let foreign companies raise their stakes in insurance ventures and allow commercial mining of coal.
Prime Minister Narendra Modi with finance minister Arun Jaitley (right)
Parliament, which reconvenes in February, did not ratify the November ordinance on coal, forcing Modi to pass another ordinance to let the government auction coal mines and allow private companies to mine and sell the fuel.
"Governments must act with determination. The government must have the desire to implement its decisions," said Jaitley, a key lieutenant to Modi, responding to opposition parties' criticism that such ordinances undermine the parliamentary system in a democracy.
READ ALSO: No ordinance to amend land acquisition law, law minister says
Modi is also considering changes to the Mines and Minerals Development and Regulation Act to auction minerals like iron ore and bauxite. However, the government has yet to take a decision on an ordinance for it, Jaitley said. Analysts reckon reform through ordinances has its risks.
Finance minister Arun Jaitley with commerce minister Nirmala Sitharaman at a "Make in India" workshop.
"While ordinances can be reissued once they lapse, they may not be perceived as a stable solution by investors wanting secure property rights," HSBC Securities analysts wrote in a note. "We, however, believe it is an important step to signal the government is serious on reforms."
(With inputs from agencies)
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