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