After a parliamentary committee suggested wholesome changes in the Land Acquisition and Rehabilitation and Resettlement bill 2011, rural development minister Jairam Ramesh said today that he will come up with a fresh bill after consultations with the state governments and the cabinet.

He said the bill, which will be introduced in the monsoon session of parliament, will facilitate economic growth and not hamper it. “Today the investor’s sentiment is very uncertain and the economic growth under pressure. So in order to revive economic growth and end uncertainty, we need a new law quickly.”

The new bill, he said, would be based on five core principles:

* The government must have a role in land acquisition for faster industrialisation and urbanisation, both of which are inevitable and desirable;

* Government’s role will be confined to projects meant for 'public purpose';

* Those who lose their lands should be compensated fairly and equitably;

* Procedure of land acquisition should be timely, transparent and one that will not lead to litigations and disputes and

* States would be given maximum flexibility.

He also said his endavour would be to incorporate all suggestions from the state governments as has been suggested in the standing committee report.