Karnataka Govt Will Amend Land Reforms Act To Ease Path For Investors: B S Yediyurappa After Returning From Davos

Karnataka Chief Minister (CM) B S Yediyurappa, who was in Switzerland’s Davos to attend the World Economic Forum (WEF), said on Saturday (25 January) the state government was going to amend the Land Reforms Act, eyeing at addressing concerns of investors in the process of land acquisition, The Economic Times reported.

"The investor's side (during the meet) had some doubts and opposition to cumbersome procedures in starting their units and we assured them of solving all their problems. For example, they complained of delay in acquiring lands and we told them that rules will be simplified and even we told them about amending rules under relevant act," Yediyurappa told reporters, while terming his visit “fruitful”.

The CM promised that the government would get rid of all administrative obstacles within a month or two, which will be followed by amending current laws to ease legal problems in the coming months.

"To purchase land for industrial purpose, under theKarnataka Industries(Facilitation)Act, 2002, the State High Level Clearance Committee (SHLCC) and a state-level single-window clearance is required.

After the proposal is cleared, for approval under Section 109, the process has to be completed in 30 days if not such applications will get deemed permission. We will amend the law, we've already discussed this and it'll be done," he said, while informing that he had held talks with Industries Minister, Chief Secretary, and other concerned officials regarding the concerns raised by potential investors during his visit.

CM Yediyurappa had begun his four-day Davos tour on 19 January, came back on Friday afternoon.

"Second, anyone who owns agricultural land and wants to get land use conversion for non-agricultural purposes, the process will be simplified online; Sharing details of the visit, Yediyurappa expressed confidence over converting Karnataka into a "power house" of development in next three years," Yediyurappa said.

While saying that it would be too early to measure the investments coming to the state, he affirmed that Karnataka will see significant investment in upcoming months. They are also expected to bump after the world investors meet in November this year.

The CM also informed that his government had also signed an agreement with WEF Managing Director Murat Sonmez to setup a "Centre For Internet of Ethical Things", which plays a vital role in attracting investments in the service and IT, BT sector. Karnataka became the first state in the world to have made such an agreement.

"He (Sonmez) told us that investors will be happy on this count and will not hesitate to make investments in Karnataka," he added.

The CM, during his tour, held talks with heads and chief executive officers (CEOs) of various companies, that included ArcelorMittal, Kirloskar, Mahendra, Bharat ForgeNSE 1.32 %, 2000 Watt, General Electricals, Dassault Systmes, Dalmia, Lulu group, Volvo, NovoNordisk, and Domeco.

CM Yediyurappa said that he received positive response in all his meetings, while informing that Lulu Group’s would invest about Rs 2,000 crore that will help farmers of the state in building a food transport chain. NovoNordisk would help the state in controlling diabetics among people across Karnataka, he added.