Wednesday, May 12, 2021

Editor's Space

Fuelling the Economy


Considered as the jet-fuel to boost Indian economy, Indian construction and infrastructure sector has a lot to offer. A recent Fitch report also points in the same direction… Underpinning the positive outlook on residential building in India, Fitch noted strong government support at the national level for housing sector, reflected in allocation of sizeable funding for housing with the Union Budget 2021 including Rs.50,000 crore allocated to the Ministry of Housing and Urban Development (MoHUA) as well as creation of $3.5 billion (about Rs.25,300 crore) fund to support completion of stalled housing projects. According to the global agency, Pradhan Mantri Awas Yojana (PMAY) programme, which aims to provide affordable housing to all urban poor by 2022 through initiatives like financial support, will continue to be a driver of growth.



The recent statement by Union minister Nitin Gadkari also affirms the fact that a new India is in the making with infrastructure, which will be no less than that in the US and Europe in five years, and a solid foundation has already been laid with over Rs.17 lakh crore worth of projects in the last five-year period. Adding the mean feat even during the pandemic, the ministry has achieved the target of building 35 kms of roads per day in 358 days and exuded confidence that the road building pace will reach 40 kms by the end of the fiscal in a bid to create world-class infrastructure.



Additionally, the sector is also moving towards adopting eco-efficient and sustainable materials for construction and are constantly innovating to offer consumers a strong, durable and sustainable infrastructure they have been looking for.



All these factors harbor a NEW ERA for the CONSTRUCTION & INFRASTRUCTURE sector and once that happens, nothing can stop India from achieving the objective of $5 trillion economy in the desired timeframe. After all, this sector holds humungous potential to take Indian economy to newer heights.



It’s time rife for the Infrastructure and construction companies to join the movement and reap the long-term benefits for a prosperous India that we all are eyeing for!

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