FDI, PPP can boost construction industry: Vayalar Ravi

Kochi, Dec 2 (UNI) Reiterating the importance of infrastructure in the economic growth of the country, Union Minister for Overseas Indian Affairs Vayalar Ravi today said Public Private Partnership (PPP) and Foreign Direct Investment (FDI) should be encouraged in the construction industry.

Addressing a gathering after inaugurating the All India Builders' Convention here, Mr Ravi said the present economic growth could be sustained and increased only with a strong infrastructure at the disposal.

He said the productivity of the construction industry should be increased with PPP and by encouraging FDI in the sector.

"The present economic development has opened new employment opportunities in the construction industry and this sector has the potential to contribute immensely to the economy," Mr Ravi noted.

After the 1991 economic reforms, the market-driven economy has made many Indian companies into multi-national companies and this was truly an encouraging sign of prosperity, he noted.

In the function, Managing Director of the Delhi Metro Rail Corporation E Sreedharan was awarded the 'Suvarna Nirman Ratna Award' for his contributions in the construction field.

Lifetime Achievement Awards were given to Founder Chairman of Nagarjuna Constructions Company Limited A V S Raju and Chairman and Managing Director of RDS Project Limited Madan Lal Goyal.

The three-day convention held by Builders Association of India (BAI), would hold seminars on Public-Private Partnership in infrastructure development, IT in construction, problems and prospects of Civil Engineering profession and comparative study of Housing and Civil Infrastructure Development in India and developed countries.

UNI MA JJ 2148