+
Housing schemes to fuel employment and economic growth: NAREDCO President
Cement

Housing schemes to fuel employment and economic growth: NAREDCO President

Citing a study reference, National Real Estate Development Council’s National President Dr Niranjan Hiranandani informed that as per the findings of the study conducted by the National Institute of Public Finance and Policy, it has estimated that while 1.892 million direct jobs would have been created due to massive push for building houses under the government’s flagship scheme, another 4.257 million jobs would have been created through indirect effects.

The report also stated that the increased pace of house construction has multiplier effect on the allied industries such as cement, steel and other construction materials. 

Terming the study and its observations as positive, Dr Hiranandani said that housing has always been important for India’s economy over the years, as it offers visible results to gauge quantum of development. It is vital for the GDP growth, as it creates jobs, generates revenue for the government in form of taxes as also the wages, which impact not just the economy but also positively influence residents’ standard of living.

"Looking beyond these aspects, if one looks at it from an income multiplier perspective, housing ranks fourth in the Indian economy. The equation in terms of a unit increase in expenditure on housing is estimated to generate additional income as high as five times. As a major contributor of employment and income generation, housing helps in the country’s socio-economic development. It is in this light that government policies and initiatives on housing create a direct impact on the economy," added Dr Hiranandani.

The Government of India has been transforming the housing sector into an engine of economic growth through prudent policies and a host of initiatives including the Prime Minister Awas Yojana (PMAY) and Housing for All by 2022. Another report by the World Bank mentioned that policies to promote free markets lead to enhanced sector profitability, in turn, helping ramp up economic growth – a phenomenon which we have been witnessing in India in recent times. 

India is following the global best practice – as have many other countries – which have used housing reforms as a way to power GDP growth. The reality has been accepted that housing is a productive sector of the economy and it needs to be given further impetus. "With increased migration to urban centres, we have seen a shortage of housing units; this is being tackled through initiatives like PMAY and Housing for All. Demand is expected to grow; estimates suggest that rapid growth of population will make creation of housing an on-going process," he further added.

"We expect a massive flow of funds to the housing sector in the days ahead and with the ever increasing encouragement from the Indian Government, housing looks poised for spectacular growth while acting as a catalyst towards growth of the economy – truly, a powerful engine of economic development," concluded Dr Hiranandani.

Citing a study reference, National Real Estate Development Council’s National President Dr Niranjan Hiranandani informed that as per the findings of the study conducted by the National Institute of Public Finance and Policy, it has estimated that while 1.892 million direct jobs would have been created due to massive push for building houses under the government’s flagship scheme, another 4.257 million jobs would have been created through indirect effects.The report also stated that the increased pace of house construction has multiplier effect on the allied industries such as cement, steel and other construction materials. Terming the study and its observations as positive, Dr Hiranandani said that housing has always been important for India’s economy over the years, as it offers visible results to gauge quantum of development. It is vital for the GDP growth, as it creates jobs, generates revenue for the government in form of taxes as also the wages, which impact not just the economy but also positively influence residents’ standard of living.Looking beyond these aspects, if one looks at it from an income multiplier perspective, housing ranks fourth in the Indian economy. The equation in terms of a unit increase in expenditure on housing is estimated to generate additional income as high as five times. As a major contributor of employment and income generation, housing helps in the country’s socio-economic development. It is in this light that government policies and initiatives on housing create a direct impact on the economy, added Dr Hiranandani.The Government of India has been transforming the housing sector into an engine of economic growth through prudent policies and a host of initiatives including the Prime Minister Awas Yojana (PMAY) and Housing for All by 2022. Another report by the World Bank mentioned that policies to promote free markets lead to enhanced sector profitability, in turn, helping ramp up economic growth – a phenomenon which we have been witnessing in India in recent times. India is following the global best practice – as have many other countries – which have used housing reforms as a way to power GDP growth. The reality has been accepted that housing is a productive sector of the economy and it needs to be given further impetus. With increased migration to urban centres, we have seen a shortage of housing units; this is being tackled through initiatives like PMAY and Housing for All. Demand is expected to grow; estimates suggest that rapid growth of population will make creation of housing an on-going process, he further added.We expect a massive flow of funds to the housing sector in the days ahead and with the ever increasing encouragement from the Indian Government, housing looks poised for spectacular growth while acting as a catalyst towards growth of the economy – truly, a powerful engine of economic development, concluded Dr Hiranandani.

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?