Salve advocates land law reforms to boost investment

New Delhi, June 3 (IANS) Senior advocate Harish Salve has said India's land laws should be reformed and have more clarity.

Addressing a webinar organised by realty body CREDAI on Wednesday, he said public policies must be stable and less susceptible to politics. The Indian land acquisition laws, he said were one of the most regressive sets of laws, which the government must reconsider.

"India enjoys a demographic dividend with average age still in the 30s, but the same can turn into demographic nightmare, if land continued to be 'romanticized' and adequate employment is not created by the government through the real estate sector," Salve said.

He said the investor resistance for India stemmed from their wish not to get caught in litigation.

The senior advocate also advised developers to formulate a code of conduct -- Golden Standards -- for the sector. The ecosystem must be changed to promote transparency in business, he added.

"The government, businesses and citizens should have a partnership where the budget of India should be an account of the partnership with taxes as revenue from each partner," Salve said.