[ad_1]
Continuous efforts are being made to remove the obstacles coming in the industrialization of Bihar. For this purpose, the state government has implemented the Infrastructure Development Authority (IDA) Act-2006. The period of lease has been mentioned in this act. To reduce or increase the lease period, the government introduced the IDA (Amendment) Bill-2023 in the Legislature. On Monday, the Legislature passed this bill with a voice vote amidst the opposition’s uproar.
IDA can now lease land to industries for more than 33 years
Now the Infrastructure Development Authority (IDA) can give government land on lease to industries for more than 33 years. According to the amendment, there will be no need to go to the cabinet again and again for extension of the lease of the land. The committee headed by the Chief Secretary has been authorized to extend or reduce the period. On the advice of the committee, IDA will decide to fix the lease period of the land.
Amendment in IDA Act to promote private sector: Mahaseth
Industries Minister Sameer Kumar Mahaseth said that investors were constantly demanding extension of land lease for investment. Investors were not getting attracted due to the existing lease period. To remove this obstacle, it was decided to amend the IDA Act. He said that this amendment would encourage private sector participation in development works in the state.
[ad_2]