Current Affairs India - 29 December 2014

1. Union Cabinet has approved a proposal to promulgate an ordinance on Land Acquisition Act in order to strike a balance between interests of farmer and industrial growth. The decision to amend the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 was taken at a Cabinet meeting held in New Delhi today.

Finance Minister Arun Jaitley said that new provision will be applied on the projects important to national security, rural infrastructure, affordable housing, industrial corridor and projects of social infrastructure. For such projects, the mandatory consent of 80% of the land owners will not be required but farmers will be paid higher compensation for their lands.

2. India-s FDI inflow jumped by 25% to USD 17.35 billion in the April-October period of the current financial year compared to same period last year, as per the announcement made by the Commerce and Industry Minister Nirmala Sitharaman. India received USD 13.82 billion FDI inflow in the same period last year.

FDI inflow increased due to improvement in the macroeconomic situation and investor sentiment due to series of investor friendly steps taken by the new Government under Prime Minister Narendra Modi.