To keep the Nano factory from moving out of the state, the West Bengal Government is ready with what it calls an “attractive economic package” for all farmers affected by land acquisition that it will put on the table at tomorrow’s crucial meeting to be chaired by Governor Gopal Krishna Gandhi. On August 26, addressing ASSOCHAM, Chief Minister Buddhadeb Bhattacharjee had talked of a “package” and sources have now confirmed to The Indian Express the following as its key components:

Pension Scheme

• Each farmer who has given land — at the acquisition rate of Rs 9-12 lakh an acre — will get an extra 10% of the compensation amount as an annual pension for a period of 10-15 years to be finalised after negotiations. For example, if a farmer got Rs 5 lakh as compensation, his pension will be Rs 50,000 each year. The pension will be paid monthly through banks to ensure that the farmer doesn’t fritter it away at one go.

• The scheme will have a Minimum Sum Assured clause so that holders of tiny plots are not stuck with a paltry sum. The minimum will be worked out through discussions. This acquires significance since the land-holding pattern in Singur was highly fragmented, one reason why the government had to issue cheques to as many as 13,100 beneficiaries. Almost 10,800 accepted the cheques, 2,251 didn’t.

• Given that the state spent Rs 120 crore on compensation, the pension’s financial implication is Rs 12 crore a year, Rs 15 crore factoring in the Minimum Sum Assured clause. The Tatas will bear this cost.

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