Piyush Goyal Urges Construction Industry to Reduce Import Dependency and Focus on Innovation
Piyush Goyal, the Union Minister for Commerce and Industry, has addressed the construction industry, urging players to reduce their dependency on imported materials and technology. Speaking at a recent event in New Delhi, Goyal emphasized the need for the sector to innovate and adopt sustainable practices. The event, organized by CAPEXIL, a leading industry body, saw participation from prominent real estate developers, infrastructure companies, and policymakers.
Goyal highlighted the critical role of the construction sector in driving economic growth. Real estate, railways, airports, highways, and energy projects are key components of this sector, contributing significantly to the nation’s GDP and employment. However, the minister pointed out that the industry’s reliance on imported materials and technology has been a longstanding issue, leading to increased costs and reduced competitiveness.
To address this, Goyal proposed several measures, including the promotion of modular construction, the use of locally sourced materials, and the adoption of advanced building technologies. Modular construction, in particular, has gained traction due to its efficiency, cost-effectiveness, and environmental benefits. This approach involves the prefabrication of building components in a factory setting, which are then transported to the construction site for assembly.
The minister also stressed the importance of collaboration between government, industry, and academia to drive innovation. He called for the establishment of research and development centers focused on developing new materials, techniques, and technologies that can be tailored to India’s unique needs and conditions. Goyal cited examples of successful domestic innovations, such as the use of recycled materials and energy-efficient building designs, which have already shown promise in reducing costs and environmental impact.
Moreover, Goyal emphasized the need for the construction industry to align with the government’s Make in India initiative. By fostering a domestic manufacturing ecosystem, the sector can create more jobs, reduce import bills, and enhance its global competitiveness. The minister also highlighted the role of the government in facilitating this transition through policy support, incentives, and infrastructure development.
The construction industry has welcomed Goyal’s call to action. Leading industry players have expressed their commitment to reducing import dependency and investing in innovation. They highlighted the need for a supportive regulatory framework and access to capital to drive this transformation. CAPEXIL, in particular, has announced plans to launch several initiatives aimed at promoting sustainable construction practices and fostering collaboration between industry stakeholders.
In conclusion, Piyush Goyal’s push for a more self-reliant and innovative construction sector aligns with the broader goal of making India a global manufacturing hub. By reducing import dependency and adopting advanced technologies, the industry can play a pivotal role in driving economic growth, creating jobs, and building a sustainable future for the nation.
