The state government of Odisha is creating a 1.2 lakh acre land bank across the state for allocation to the industrial sector to avoid a repeat of the Posco fiasco.
In order to cut red tape and wrangling with local issues in the land acquisition process, the state government is acquiring government land for industrial use and proposes to offer it with all facilities in place.
Odisha government has created a huge land bank and has identified areas across the state to bring under one umbrella for the industrial sector. Already, the land bank has reached 57,655 acres. With the creation of the land bank, the industry department is looking for investment in various sectors including steel, aluminium, agro and food processing based units, apparel, IT and plastic units that will further create employment potential.
The Significance of this move:
It is a plug-and-play kind of model wherein the facilities related to water, power, roads and all clearances are in place. The companies need to only make the payment of base premium upfront for the land and the annual rent for rest of the 90 years (their lease).