Role of Regulatory Framework for Supporting Construction Industry in India

Abstract

The construction industry has played a significant role in supporting the steady growth of Indian economy over the past. Second only to agriculture, the construction industry constitutes 6% of GDP. With the rapid rate of urbanisation and increasing liberalisation of the economy, the growth in the housing market is also substantial. Under a single national scheme “Pradhan Mantri Gramin Awaas Yojana (PMGAY)” the Government of India is committing to building over 30 million homes by 2022. To support the growth in the construction industry, an appropriate regulatory framework is crucial.India is a country with a population of 1.3 billion, residing in 29 States and seven Union territories. Total ..