The State roots for modernization in farming
With the latest proposed amendment to the existing Land Reforms Act, the Karnataka Government will allow the purchase of agricultural land by non-agriculturists and those interested in investing in the agricultural sector.
This has ushered in a positive reaction from the Bangalore Chamber of Industry and Commerce, BCIC. Devesh Agarwal, President of the BCIC who revealed via a press release that allowing non-agriculturists to invest in purchase of agricultural land and infrastructure will be helpful to farmers. He added that farmers tend to under-utilize their lands due to lack of financial solvency which could be mitigated by this amendment.
Another major change in the Act proposes an increase in the number of units of land in the ownership of a non-agricultural individual. Post this landmark change by the state government, any Indian, or a trust, society, company or an educational institution can buy farmland in Karnataka. The purchaser’s annual income from non-agricultural sources will also not be a criteria for such a transaction, either.
Sections 79 (A) & (B) of the Karnataka Land Reforms Act, 1961 will be amended by the government via an ordinance which is expected to provide farmers realistic prices for their lands and pave the way for modernization and increase investment in the sector.
