NEW DELHI: In a huge u-turn of sorts, the Narendra Modi Government has decided to junk the Land Bill that had promised easier land norms for industry.Top sources in the Government tell ET Now, that there has been a complete re-think on the Land Bill in the wake of crucial State elections since opposition parties are likely to exploit the proposed changes in Land Bill for political gains. Sources say, the Government will allow the Land Ordinace - which is valid till 1st of September- to lapse and will not re promulgate it any further.Given that Land is a State subject, sources say, the Government has reached out to all BJP-ruled stated and has asked for easier land acquisitions norms for the industry. With State Government machinery not geared towards speedy clearances and faster decision making, the move will have a huge impact on industry.India Inc, on its part, is dissapointed that the pathbreaking reform has been given a quite burial by the Government."Politics has won and economics has lost out. When it comes to land, the current dispensation is not acting very different from the previous UPA regime. This will have an impact on the industry and large scale projects, " Niranjan Hiranandani, MD Hirandani Group told ET Now.Experts say the move will have huge impact on areas like roads and highways where the cost of acquisition of land is the single biggest cost. Slower decision making by States is expected to impact infrastructure development- which has been a huge thrust area for the Modi Government.Sources say, the decision was taken ahead of the Monsoon Session- which starts next week - where Opposition parties will try to put the Government on the mat on alleged misconduct of its senior leadership. Government is also conscious of its pro-poor, pro-farmer image which could be impacted since Opposition parties have all along maintained that the proposed changes in the Land Bill hurt the interests of farmers."With crucial Bihar assembly elections lined up in November, a stormy monsoon session and Opposition charges of Government's pro-corporate stance would be electorally imprudent for the Government," said a senior Government source.Last year, after coming to power, PM had promulgated an Ordinance to make changes to the 2013 Land Acquisition Act. The Act - which promised higher compensation to farmers, social impact assessment of acquisiton along with seeking consent from 80 percent of the farmers impacted by the acquisition- made acquisiton by industry difficult. Government has been trying to arrive at a consensus with opposition parties and a joint committee - headed by BJP MP SS Ahluwalia- to examine the issue has been set up.