Union Law Minister Veerappa Moily today said the Centre would introduce a new law

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to set guidelines on acquisition of farm land for industrial and other commercial purposes and ensure that lands are purchased at prevailing market value.

The draft law had been prepared and it would be placed before the Parliament during the coming budget session, Moily told reporters on the sidelines of a function here.

"We are attempting to bring about a change in the process of land acquisition for industry and other commercial purposes. Our concern is that the farmer should not be put into any kind of discomfort when such land is acquired," he said.

Moily said the Union government would take a suitable decision on Telangana issue after the Sri Krishna Commission appointed for the purpose submits its report.

The Commission is expected to submit report by December 31.