The Cabinet approved a 1.5% decrease in the charge for railway land licenses and a maximum 35-year lease term.

Anurag Thakur, the minister of information and broadcasting, said on September 7 that the Union Cabinet had approved the strategy on long-term leasing of property owned by Indian Railways and has reduced the land licence costs from 6 percent to 1.5 percent. Additionally, the lease term was lengthened from five to 35 years.

The eagerly anticipated revision to the Railway Land Policy will be approved by the Cabinet, which would facilitate Container Corporation of India’s (Concor) strategic disposal and increase its appeal to private investors.

According to the government, the updated land policy will increase railroad income and generate 1.2 lakh new jobs.