India Inc labels land Bill anti-industry'Land price to go up many times, infra projects to be delayed, economy to be hit'

India Inc, already braving an uncertain economic environment and low investor confidence, gave a thumbs-down to the land acquisition Bill, cleared on Thursday. The second legislation in a row aimed at aam aadmi, after the food Bill on Tuesday, prompted the corporate world to scream "anti-industry".

Companies were united in giving their verdict that the move was likely to push up land prices, thereby hitting industrial projects and the overall economy.

According to Confederation of Indian Industry (CII) president S Gopalakrishnan, the cost of land acquisition is likely to increase by three to three-and-a-half times, making industrial projects unviable and raising costs in the overall Indian economy. "Industry has serious concerns on some of the provisions of the Land Acquisition Bill," he added.

Indicating the frustration of India Inc, Rahul Bajaj, chairman, Bajaj Auto, argued that industry might look abroad for expansion now. "Hundreds of countries acquire land but these countries do not make it so difficult for industry to acquire land as this bill proposes to do. I fear industry may be forced to look abroad for expansion and diversification.