Mumbai, April 15, 2020: Beyond stimulus and economic revival packages, the importance of business continuity plans, as also the need for quick implementation of the same were brought out by members of NAREDCO at an interaction with Shri. G. Kishan Reddy, Hon’ble Minister of State, Home Affairs, Government of India.
Taking further the logic of Prime Minister Narendra Modi’s statement, “Jaan bhi, Jahaan bhi“, Dr. Niranjan Hiranandani, who moderated the webinar, spoke of the positive impact that the Order from Ministry of Home Affairs (MHA) which will partially allow construction work to restart, subject to norms being followed. The immediate challenge for an industry already grappling with a challenging situation since past few years was raising finance to fund the same, and NAREDCO members requested the Hon’ble Minister to take this up with concerned authorities in Govt of India.
Dr. Niranjan Hiranandani pointed out that the real estate industry, based on advisories issued by authorities, had ensured that site labor did not ‘reverse-migrate’ to their villages. “There have been no layoffs, we have paid wages and taken care of them,” he pointed out. With the MHA Order allowing a restart of some of the construction work from 20 April, the industry was faced with a situation where no sales were compounded with expenses that are being paid. The National President, NAREDCO said the industry needs business continuity plans to be put into action, so that the economy, which included the real estate industry, emerges from this challenging situation. “Unless this is done on an urgent basis, the situation will be unsustainable,” he grimed. Further, stressing upon the importance to announce an effective and properly quantified economic stimulus package for the nation is inevitable at this juncture. “This will help restore economic activities and ensure business organizations continue to function. Job losses will be avoided, and this will bring India’s economic growth engine back on track.
The Hon’ble Minister requested NAREDCO to share these ‘pain points’, while assuring that he would take up the aspects raised with concerned authorities.
Corporate Comm India (CCI Newswire)
