Compulsory PF and ESIC Guarantee for Seven Crore Workers in the Real Estate Sector: Goyal

 

Commerce and Industry Minister Piyush Goyal emphasized the need for the real estate sector to provide mandatory guarantees of Employees' State Insurance Corporation (ESIC) and Provident Fund (PF) registration for the seven crore workers employed in this sector. He said that the real estate industry must seriously consider this requirement.

Speaking at the CREDAI (Confederation of Real Estate Developers' Associations of India) conference on Tuesday, Goyal mentioned that CREDAI, which has 14,000 members, will discuss this proposal on its 25th anniversary on November 25. He added that if the industry ensures mandatory PF and ESIC registration, many positive impacts will be visible in the coming times. This initiative will increase the number of workers in the real estate sector in the coming years, and at the same time, it will enhance their skills and productivity, ultimately leading to improved quality and efficiency in the sector.

Discussion with RBI for Easy Funding
Goyal assured that just like other industries, the issue of providing easy funding to the real estate sector will be taken up with the Reserve Bank of India (RBI). The government is keen to expedite project approvals and address funding issues through collaboration with state governments and urban bodies. He also emphasized the need for business operations in the real estate sector to be conducted with greater transparency and ethical practices.

He stated that a more transparent system has led to the elimination of many unscrupulous players from the market. Goyal concluded that with more organized business practices, the sector will witness significant positive changes in the years to come.