Growth 2.0 will be about leveraging our ‘well begun is half done’ scenario to attain the ‘All’s well that ends well’ state, says JAIRAM PANCH.‘Well begun is half done’ – a phrase we have often heard in drama dialogues, political commentaries, academic literature, and in boardroom discussions. Indeed, a good start is quite crucial in gathering the momentum required to drive any agenda, project or group to its purpose and goals. In terms of achieving the objectives for ‘growth’ – a term that has become common and significant at the same time – organisations across the globe are initiating various policies and programmes across functions. In my opinion, the idea of growth in itself is a major start for any entity. The Indian real estate sector is expected to reach a market size of US$180 billion by 2020 and US$1 trillion by 2030. Real estate’s contribution to the country’s GDP is expected to be approximately 13 per cent. India’s construction industry is expected to grow at an annual average of 6.6 per cent between 2019 and 2028.Defining growth 2.0We have witnessed significant changes in the regulatory, tax and business regime after the implementation of landmark policies such as RERA and GST. Such developments have worked in favour of the construction industry and induced a much needed transparency in procedures, thereby boosting the investors confidence in India. These policy reforms have set the foundation for growth of the construction sector in the country, and we can term this phase in governance as Growth 1.0. The challenge that lies ahead of the government is to leverage the potential of the policies by transforming the idea into actionable, and therefore, script the Growth 2.0 story. The magnitude and scale of the government plans such as Housing for All by 2022 and AMRUT scheme is huge. Besides, the government has set the aspirations of building 60 lakh rural houses in the next one year. To look achievable, such targets demand complementary collaborations between all stakeholders across the construction value chain.Areas of concernIn the entire quest for growth and progression, I believe the significant concept of corporate governance’ is being lost. The recent incidents of corruption and failure to deliver projects on time are due to lack of funds, approvals and poor management among other issues. Corporate scams have become commonplace with some serious instances being mapped to major banks and financial institutions, real estate developers and several other key sectors of the industry. These events are concerning, and of course, potential hurdles in the growth journey for organisations across sectors as well as the national economy at large. In specific reference to the real estate sector in the country, government and industry estimates have revealed that over 5 lakh apartments in Noida, Gurugram and their adjoining clusters are either unfinished or have not been handed over, long after the expiry of the delivery deadlines. Many developers in the region had to shut their operations down due to poor governance practices, inefficient management and strategies, inept planning and inaccurate estimation. Considering a holistic view of the corporate governance inadequacies in the last few years, it would be tough to pick a specific trend. However, what we do see is a lack of ethical standards and effective oversight.For sustained growthAccountability, financial discipline and accuracy of estimation can pave the way for sustained growth at a desired pace. Ambitious plans must also take ethical standards in the stride to ensure financial and reputational security. A stable environment with robust,systematic, and specialised procedures will make the industry flourish. Additionally, risk mitigation plans and legal advisory must be in place to combat market volatility, business disruptions, and legal contradictions. At Turner, our endeavour towards attaining the objectives of Growth 2.0 is pivoted around our capabilities in minimising cost, enhancing quality and maximising the value of time for all construction projects that we undertake. Successful project delivery will certainly have a huge cumulative impact not only on the industry but also on the macro-economics of the country. Turner is committed to ensuring growth for the project owners by delivering specifically what was agreed to in terms of cost, time and scope by proactively managing stakeholders on a periodic basis. Our active role in the delivery of several landmark projects such as the Statue of Unity and the Kempegowda International Airport Expansion-T2, Bengaluru, is testimony to the fact that the government truly understands and appreciates the value that a proficient project management consultant can bring to any development programme. Owing to the casual Indian attitude towards safety and health, local conditions of labour, and the pure magnitude of growth, our challenges and opportunities are quite different from the rest of the world. Turner’s Building LIFE programme along with understanding of local challenges has helped organisations and governments effectively. We remain committed to deliver our projects to the highest standards. The prospective bounties for the construction stakeholdersin the country are massively rewarding, but the risks of failing to adapt and adopt are even bigger. As the Indian market looks towards accomplishing Growth 2.0, it must be ready to grow in transformational ways that can strike a balance between ambitious approach and ethical governance. To conclude, I would like to quote Rudyard Kipling who, in his legendary work ‘If’, has beautifully penned down the formula for success through the concept of being determined and poised at the same time: “…If you can dream – and not make dreams your master … Yours is the Earth and everything that's in it…” About the author: Jairam Panch, Vice President and Managing Director, Turner India, has an overall industry experience of more than 25 years in handling various leadership roles at both the project and corporate level. He has been instrumental in establishing the Turner brand in India since 2007.