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The date would be applicable for fixing rates of land acquisition cases initiated before 2014

The state government has decided to consider January 1, 2014 as the cutoff date to evaluate the benchmark value of land, the same day when the revised land acquisition law, the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act (RFCTLAR&R), 2013, came into effect.

The government has decided to constitute two committees to frame as well as scrutinize the rules relating to the new Land Acquisition Act, 2013 of the Centre.

Interim Budget 2014-2015 - Speech of P. Chidambaram. In the speect he stated that "The Global Risks 2014 report has mapped 31 global risks. Of highest concern are ten risks that include fiscal crisis, structurally high unemployment or underemployment, income disparity, governance failure, food crisis, and political and social instability. The challenges that we face are common to all emerging economies. 2012 and 2013 were years of turbulence. Only a handful of countries were able to keep their head above the water, and among them was India."

The government is likely to set up a committee to study the Centre’s Land Acquisition Act and its possible impact on the state’s socio-economic front.

The state cabinet is likely to take a decision in this regard on Wednesday. The cabinet held a special session on Tuesday to brief ministers about the state’s current fiscal status and the impact of the Land Acquisition Act.

Focusing on the productivity of the agricultural sector to lift the incomes of smallholder farmers is one of the most direct routes to addressing rural poverty and India can raise farm yields by rebalancing investment and making targeted reforms in the agricultural sector says this new report by McKinsey Global Institute.

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