Lack of adequate funds, labour among challenges faced by projects in India: Survey

Promoters in the Indian projects fraternity find getting adequate funds at reasonable interest, finding labourers matching the skills of those who have left for their hometown.

Promoters in the Indian projects fraternity find getting adequate funds at reasonable interest, finding labourers matching the skills of those who have left for their hometown, and procuring the required raw materials and machineries at the project site, as the main hurdles in kick starting their halted projects.

A survey conducted amongst the promoters, architects, consultants and contractors by Project Today, shows that their immediate priority would be to complete the projects in hand and try to retain their current clients.

Demand for housing, especially bigger houses will increase in the long run as they expect the ‘Work from Home’ culture to continue during the post Covid-19 era. Demand for commercial space is also likely to undergo some change as large companies would look for disintegrating their offices — instead of having one centralised office, setting up more smaller offices to reduce the commuting time and adopt the new norms work culture.

As far as advantage India is concerned, around a third of the participants said there is no advantage India, because the country will take at least next two to three years to come out of the current economic moribund.

Further, they said that India does not possess the key advantages China has — high-class infrastructure, liberal labour laws and industrial-friendly policies. However, majority of the respondents agreed that India does have an opportunity to emerge as a winner on the other side of Covid-19 at least in a couple of sectors like pharmaceuticals, medical equipment, automobiles, and textiles.

Commenting on the government’s Rs 20 lakh crore economic stimulus package, respondents believe that how far all these measures will mitigate the current economic pain and will put India once again on the growth path will depend on the timely and effective implementation of the proposals and revival in the domestic demand. The survey was conducted among 233 promoters, architects, consultants and contractors, part of the projects fraternity.