Piyush Goyal,Union Commerce and Industry Minister
“I urge you to kindly think about this in very serious terms… can we ensure a guaranteed ESIC and provident fund registration of all these 70 million workmen and women (working in this sector),” Goyal told real estate players
Sydney: Union Commerce and Industry Minister Piyush Goyal on Tuesday asked the real estate industry to provide guaranteed ESIC and provident fund registrations for 7 crore people working in this sector, besides adopting new form of construction process for fast project execution with less pollution.
Addressing an event organised by realtors’ apex body CREDAI here, he also asked India Inc, including realty firms, to set up manufacturing facilities for construction equipment to make India self-reliant.
“I urge you to kindly think about this in very serious terms… can we ensure a guaranteed ESIC and provident fund registration of all these 70 million workmen and women (working in this sector),” Goyal told real estate players.
He asked the CREDAI to come out with a resolution on November 25, when the association will celebrate its 25 years, after extensive stakeholder discussions with its 14,000 members.
Goyal said there are many positive impacts if industry ensures guaranteed ESIC and PF registrations.
Elaborating on possible benefits, he said, “it will give credit and credibility to your industry. People will start appreciating that you are providing jobs to 70 million, and that number will grow in the years to come.”
Industry will truly get credit for the good work it is doing, he said.
“Very often that credit is found wanting because many policy makers, possibly bankers and possibly regulators, still look upon the industry with the prism of the past, and I think it’s time we change that.”
“With 70 million people registered under ESIC and PF, you will truly be able to showcase your contribution to the national economy and to the well being of India,” Goyal said.
The Union Minister further said the guaranteed ESIC and PF registrations would ensure 100 per cent health coverage and pension for their social security post retirement.
Goyal said this step would also boost productivity and efficiency of people working in this sector, leading to improvement in quality.
Meanwhile, Goyal sought investments from Australian pension funds in sectors such as renewable energy, manufacturing, education, fintech, and agritech.
“Minister met senior representatives from the Australian pension funds. Discussions focused on the robust policies and reform agenda of the Government of India which have boosted investor confidence. Minister encouraged greater investments into the emerging sectors in the Indian market,” the commerce ministry said in a statement.