NEW DELHI, April 6 (Reuters) – India’s federal authorities plans to arrange a panel for sooner decision of state-owned firms’ land disputes, two authorities officers with direct information of the matter stated on Thursday.

The transfer, a part of a renewed push by Prime Minister Narendra Modi’s administration to slim down the general public sector, would assist the federal government monetise unused land to minimise losses at state-run firms and assist them increase funds.

Land is a state topic in India, with each the Parliament and state assemblies in a position to write legal guidelines round sure land rights. As a outcome, land disputes usually find yourself tangled in an internet of forms.

The panel’s aims will embrace negotiating with state governments on disputes for freehold land and deciding on compensation, amongst others, one of many authorities officers stated.

The officers didn’t wish to be recognized as they don’t seem to be authorised to talk to the media.

“Some state governments also use the land owned by federal government-run companies. This panel can explore seeking alternate land from the state governments for such companies,” the primary official stated.

The panel can be chaired by a prime central authorities bureaucrat, he added.

In March 2022, the federal government arrange the National Land Monetization Corp (NLMC) to monetise surplus land and constructing property of state-owned firms and different authorities businesses.

Once disputes are resolved, the NLMC would step in to facilitate gross sales, the primary official stated.

State-run corporations had recognized round 14 million sq. metres of land for monetisation in March 2022, in line with information shared by the federal government in response to a query within the Parliament. However, NLMC is but to promote any land property.

India’s Finance Ministry, which oversees the NLMC, didn’t reply to Reuters’ e-mail searching for remark.

In November, the Indian authorities asked public-sector corporations to contemplate transferring the nation’s insolvency court docket to close loss-making models, whereas demerging the models’ land property to make sure that land disputes didn’t hamper the method.

Reporting by Nikunj Ohri; Editing by Janane Venkatraman

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