When asked about economic forecasts, particularly the private sector’s prediction of only 1% growth in the second half of the year, Pichai maintained his confidence in the original 2.5% target.
He stressed that achieving this goal would depend on the successful implementation of policies without major obstacles.
The Minister also revealed that a draft law granting 99-year land use rights, or the “land-trust law”, has been completed and is ready for Cabinet consideration.
He expressed confidence that this law would unlock the potential of land, stimulate investment, and drive economic growth.
The law’s core principle is to separate ownership from the right to use land, allowing owners to retain their deeds while transferring long-term usage rights to investors.
“Leaving land idle is a burden, but if it can be put to use, it becomes a national asset,” Pichai said, explaining that many businesses require lease terms longer than the current 30-year limit.
The new 99-year term would provide the security needed for large-scale investment.
Under the new law, a private landowner and a buyer of the right would first transfer the land to the state.
The state would then issue a “green title deed” to the buyer, granting them 99 years of use. At the end of the term, the land would revert to the state, allowing the government to increase its land holdings and implement more effective zoning plans in the future.
Pichai concluded by stating that regardless of which government takes power next, he believes this beneficial law will continue to be a priority.