Piyush Goyal Urges Construction Industry to Reduce Import Dependency and Focus on Innovation
Piyush Goyal, the Union Minister for Commerce and Industry, has called upon the construction industry to decrease its reliance on imports and focus on innovation and sustainable practices. This push is part of a broader initiative to boost domestic manufacturing and enhance the sector’s competitiveness.
Construction IndustryImport DependencyInnovationModular ConstructionMake In IndiaReal Estate NewsApr 13, 2025
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.
Frequently Asked Questions
What is the Make in India initiative?
The Make in India initiative is a national program launched by the Indian government to transform the country into a global design and manufacturing hub. It focuses on promoting domestic manufacturing, attracting foreign investment, and enhancing the ease of doing business in India.
Why is reducing import dependency important for the construction industry?
Reducing import dependency in the construction industry can help lower costs, enhance competitiveness, and create more jobs. It also supports the government’s Make in India initiative and promotes sustainable economic growth.
What is modular construction?
Modular construction is a process where building components are prefabricated in a factory and then transported to the construction site for assembly. This method is known for its efficiency, cost-effectiveness, and reduced environmental impact.
How can the government support the construction industry in reducing import dependency?
The government can support the construction industry by providing policy support, offering incentives for research and development, and investing in infrastructure development to facilitate domestic manufacturing and innovation.
What role does CAPEXIL play in the construction industry?
CAPEXIL is a leading industry body that represents the interests of the construction and infrastructure sector in India. It plays a crucial role in promoting sustainable practices, fostering collaboration, and advocating for a supportive regulatory framework.
Related News Articles
Maharashtra MLAs Urge Scrapping of Nagpur-Goa Highway Amid Environmental Concerns
Maharashtra MLAs have urged the scrapping of the Nagpur-Goa highway project due to environmental concerns and sustainability issues.
India's Real Estate Sector Sees Record Investments of $4.8 Billion in H1 2024
Institutional investments in Indian real estate surge to a record $4.8 billion, driven by foreign and domestic investors, with emerging sectors like data centres and life sciences gaining traction.
NCP Leader Amir Khaanzada Goes Missing, Associate Found Dead in Raigad
Navi Mumbai police found real estate agent Sumit Jain's body near Pen, Raigad, but are still searching for Amir Khaanzada, NCP leader, who was with Jain.
Top Executive Ashish Singh Quits Actis, to Pursue Entrepreneurial Ventures
Ashish Singh, head of India and SE Asia realty at Actis, resigns after 20 years of experience in real estate. He will stay on till end of 2025.
Metal Stocks Perform Well: National Aluminium and NMDC Gain 3%
The recent stimulus package from the Chinese government, focusing on real estate and infrastructure, has boosted metal stocks, with National Aluminium and NMDC each rising by 3%. This positive trend reflects growing optimism in the global metal market.
Bombay High Court Directs Local Bodies to Integrate with MahaRERA Portal
The Bombay High Court has ordered all municipal corporations and councils in Maharashtra to integrate their websites with the MahaRERA portal for real-time data sharing and improved transparency.