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Published on Mar 11, 2016
Speaker: Barun Mitra, Liberty Institute Chair: Shri. Vijay S Madan, Secretary, Land Resources http://macrofinance.nipfp.org.in/ The poor quality of land records and various land laws, including ceiling, zoning and taxations, have grossly distorted the land market. This has resulted in an artificial scarcity of land on the one hand and has greatly limited the ability of land owners, particularly farmers, to capitalize their assets appropriately and diversify away from agriculture on the other hand. High transaction costs, and regulatory restrictions, have created a mismatch between supply and demand for land in India today. This has created a nexus between the rich and powerful securing access to land, and fuelling enormous corruption. At the same time this led to displacement and dispossession, reflecting in land alienation and growing protests, which has now built up a social and political coalition against such arbitrary intervention. Barun Mitra argues that social and political convergence, aided by greater access to technology, including blockchain, could lead to rationalizing the laws and regulations governing land, steps towards a viable land market, with lower transaction cost, eliminate both land alienation and scarcity, thus greatly reduce corruption. Such a transparent and participative approach would empower the citizens and create a sense of community, with secure property ownership.