The Army has held again implementation of land monetisation coverage as land costs have come down due to the coronavirus pandemic, Army chief MM Naravane mentioned on Tuesday.
Addressing a press convention forward of Army Day on January 15, he mentioned the method to implement the monetisation of land for equal worth infrastructure can be taken ahead as soon as the state of affairs improves.
Gen Naravane welcomed the federal government’s land monetisation coverage saying it’ll assist the three companies in overcoming budgetary constraints.
Below the land monetisation framework, authorities businesses and departments had been allowed to make use of their land holdings to generate income or create infrastructure with out burdening the state exchequer.
“Lot of progress has been made on monetisation of land. We’ve obtained permission to accumulate equal worth infrastructure for land. Below this coverage, we are going to take ahead the monetisation of land,” Gen Naravane mentioned.
“Due to the COVID-19 state of affairs, land costs have come down. Due to that we’re ready. We’ll take it ahead when the state of affairs improves. It is going to be a very good factor for 3 companies as we can purchase equal worth infrastructure for unused land,” he mentioned.
On the Army’s modernisation plan, he mentioned obligatory budgetary assist has been obtained to maintain tempo with it.
“We’ve additionally obtained the mandatory budgetary assist for the contracts that had been signed as a part of the acquisition plan,” he mentioned.
“I’m additionally glad to say that greater than 80 per cent to 85 per cent of the contracts that are signed are made by Indian firms as a part of our efforts to indigenise,” he added.