In News: IIM-Ahmedabad launches agri land price index
- The index is aimed at removing uncertainty in the agricultural land valuation.
- The index, a prelude to a nationwide gauge to monitor farm land prices, was developed for 107 districts of Andhra Pradesh, Telangana, Karnataka, Maharashtra, Tamil Nadu and Uttar Pradesh, benchmarking land prices for rural and semi-urban areas.
- It would be reliable source in terms of benchmarking land prices and help in conversion of agricultural land into real estate or for industrial use.
- The index would help the government in adopting more scientific measures for providing compensation for land acquisition besides helping financial institutions in underwriting of loan and insurance contracts.
- It would also ensure visibility in movement of agricultural land prices across the country.
- The factors identified for determining the agricultural land price include irrigation facilities, distance to nearest town or airport and proximity to international airport.
- Agriculture land in Karnataka is the most expensive followed by Telangana
- Average agricultural land prices in Karnataka, Telangana and Andhra Pradesh, are reported at Rs 0.93 crore, Rs 0.81 crore and Rs 0.77 crore per acre, respectively, while prices in Uttar Pradesh, Maharashtra and Tamil Nadu are Rs 0.58 crore, Rs 0.49 crore and Rs 0.47 crore, respectively.
Previous Year Questions (PYQs)
Q.1) Global Financial Stability Report’ is prepared by the (2016)
- European Central Bank
- International Monetary Fund
- International Bank for Reconstruction and Development
- Organization for Economic Cooperation and Development
Source: Financial Express