Sydney: Union Commerce and Industry Minister Piyush Goyal on Tuesday called upon the real estate sector to guarantee Employee State Insurance Corporation (ESIC) and provident fund (PF) registrations for 7 crore workers in the industry. He emphasised the importance of adopting modern construction techniques for faster project completion with reduced environmental impact.
Speaking at the Confederation of Real Estate Developers' Associations of India (CREDAI) event in Sydney, Goyal urged industry leaders to ensure social security for the workforce, which would include comprehensive health coverage and pensions. He called on CREDAI, which represents over 14,000 developers, to adopt a resolution on this issue by November 25, marking the association's 25th anniversary.
Goyal stressed that ensuring ESIC and PF registration for workers would enhance the credibility of the real estate industry, which often faces scrutiny from policymakers, bankers, and regulators. "This step will highlight the industry's contribution to the economy and improve its image," he said, adding that the initiative would also improve worker productivity and the quality of construction.
The minister also encouraged the sector to focus on domestic manufacturing of construction equipment to boost India's self-reliance, responding to CREDAI President Boman Irani's request for reduced import duties. Goyal suggested that while the government may consider lower import duties during a transitional period, the long-term goal should be to produce high-quality construction equipment within India.
Addressing concerns about pollution in cities, Goyal urged developers to adopt eco-friendly construction technologies, such as steel structures and precast equipment, which could accelerate project timelines and reduce costs. He recommended the use of these technologies, commonly seen in regions like Europe and Singapore, in at least 8-10 major Indian cities, stressing that the industry should take the initiative voluntarily.
The event, CREDAI NATCON, runs from September 23 to 26 and has attracted over 1,100 developers.
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