government is amending the BIDA Act 2016.admin2019
According to the draft act, individual or sole investment may also be allowed in state-owned entities. But the existing BIDA Act-2016 restricts individual or sole investment in the government entities. The BIDA just allows partnership investment in state entities and their adjoining unused land.
The authorities may take a special assignment for expanding investment, according to the draft. Those who have been working with the organisation will be deemed as its own employees or absorbed, it reads. The act is now centralised in nature. Through amendment, it may court more investment that helps grow the economy and create employment,” he told the FE. Some 13 out of 36 sections of the BIDA Act-2016 will be amended.