Synopsis
The Maharashtra Cabinet, under Chief Minister Devendra Fadnavis, has approved a new interest rate of 1% above the repo rate for delayed land acquisition compensation. This decision aims to streamline financial processes related to land compensation. Additionally, three new engineering degree programs will be introduced at the Puranmal Lahoti Institute.Key Takeaways
- New interest rate approved: 1% above repo rate.
- Right to Fair Compensation Act facilitates fair land acquisition.
- Three new engineering courses starting in 2025-2026.
- Puranmal Lahoti Institute renamed to reflect new focus.
- Rs 26.61 crore allocated for course support.
Mumbai, April 15 (NationPress) The Maharashtra Cabinet, led by Chief Minister Devendra Fadnavis, has sanctioned an interest rate of 1% above the repo rate for instances where there are delays in compensating land acquisition.
According to a government announcement, the Right to Fair Compensation and Transparency Act, 2013 has been enacted to facilitate land acquisition for various public, government, and semi-government projects.
Land acquisition under this Act ensures fair compensation along with rehabilitation and resettlement for landowners, which has notably decreased resistance.
The Act stipulates interest payment rates of 12% as per Section 30(3), and 9% and 15% in accordance with Sections 72 and 80 for delayed compensation payments. However, this approach has previously strained the governmental budget and inflated the original project costs.
“With this adjustment in the interest rate, any delay in compensating land acquisition will incur interest at a unified rate, which will be set at 1% above the repo rate. A legislative bill will be proposed accordingly,” stated the announcement.
Additionally, the Cabinet ratified the initiation of three new engineering degree programs commencing in the academic year 2025-2026 at the Puranmal Lahoti Government Technical Institute in Latur. The Institute is set to be renamed to Puranmal Lahoti Government Institute of Engineering and Technology, Latur.
New programs including Nuclear Power and Telecommunication Engineering, Computer Engineering, and Artificial Intelligence and Data Science will be offered, with an admission capacity of 60 students for each course.
The Cabinet also sanctioned the establishment and recruitment of 36 new teaching and 31 non-teaching posts to support these new courses.
Furthermore, an allocation of Rs 26.61 crore has been approved for the next four years to cover salaries, books, furniture, computers, and other necessary equipment.
