In order to revive the ailing construction sector, NITI Aayog is set to come out with a series of policy measures to revive the sector and complete projects.
“This policy is at a very advance stage right now. We are taking series of measures to give fresh life and support to the construction sector,” NITI Aayog Chief Executive Officer Amitabh Kant said addressing a conference organised by real estate body NAREDCO here.
The policy, which will be finalised in 2-3 months, will aim to help debt-laden constriction firms get back in shape. “We have held discussions with construction companies and financial institutions, we are trying to work around a package which is a win-win for all -- for financial institutions, construction industry and the government,” Kant said.
“There are construction companies with huge debt…but arbitration awards have gone in their favour. We are going to assess those companies to ensure that government agencies (with) whom they worked are able to pay those awards to financial institution directly,” he added.
In his address, Kant also said that India is passing through a window of demographic transition and this is the biggest opportunity to be capitalised. “We have been reluctant urbanisers. We have continued to believe in the philosophy that India lives in its villages. All schemes till JNNURM were designed for rural development,” he said.
The country needs to shift the population from agriculture to industry as there is huge disguised unemployment in agriculture, Kant said. “We must plan our cities well but the monetisation of land needs to be ploughed back in cities to create infrastructure,” he added.