Ranchi: The Jharkhand cabinet Wednesday cleared the rehabilitation and resettlement (R&R) policy facilitating investors to acquire land to set up industries and providing for the compensation to the displaced people.

According to the policy, the affected people will be given jobs in the industrial projects coming up on the land where they lived. If the displaced persons are not trained, the investing company will train them for jobs.

"The rehabilitation commissioner will mediate between investors and people and ensure the displaced people get jobs," said Cabinet Secretary N.N. Pandey.

"One percent of the profit of the company will be distributed among the displaced people and another one percent will be spent on the corporate social responsibility," he said.

The cabinet nod to the policy is likely to expedite several greenfield steel projects in Jharkhand.

Major steel companies facing problems in land acquisition include ArcelorMittal, Tata Steel and Jindal steel.