The Jharkhand government is acquiring 1,000 acres of land near Ranchi for developing an IT hub with a view to make the state new 'silicon valley' of the country. According to the Chief Secretary of Jharkhand, Ashok Kumar Singh, very soon the area will be acquired and it will be declared as an institutional area for the purpose of development of the IT industry. He said that the state government is also formulating changes in the century old land acquisition law, to make it more pro-people and pragmatic.