Construction Downturn Strikes Modi's Job Promise
BENGALURU: Akhilesh Kumar lost his job last month when his employer halted work for 30 residential towers of New Delhi. Akhilesh was in this profession for more than a decade and this was the last consequence he expected.
“If I don’t get another job, I have no other choice but to go back to my village and work as a farm labourer,” commented Kumar, who is in his twenties now. Kumar earned around $165 per month from this project
Several such incidents happening across the country thereby bring out the loss of Prime Minister’s loss of glam as a Prime Minister, just a year late than his prospective victory in the central.
Boom in numbers of such construction projects around the capital city and Noida employs several daily waged workers, widening scope for many to earn their livelihood. The back logs in these projects are hindrance to Modi’s promise of growing job opportunities in near future.
Employment process is at stake until a back log work of 700,000 unsold homes is accomplished by indebted developers. Work is currently in a slow and sluggish way.
Chief economist at Knight Frank India comments, “The slowdown in the construction sector is very, very depressing which will have a negative impact on the overall GDP growth numbers in the first quarter of the current fiscal year.”
Sources confirm the same state of joblessness prevailing in north Bihar.
Eight out of 20 labourers travelled back from Delhi as they could not fetch any source of income.
Patna chairman of the Builders Association of India, Navendu Kumar Thakur, comments “Labourers are starving and are ready to work even at lower wages as there are fewer or just no jobs in the construction markets.”
This prevailing state of lack of employment opportunities will surely scoop a bad time for PM Modi. Ill effects will hit BJP as elections will hit Bihar later this year.
As a curb to the present state, Modi supporters plan to regulate property markets and tie investor money to specific projects. This will ensure investments from developers than money going elsewhere.
Rohit Raj Modi of Real estate association CREDAI recalls construction projects in Noida employed more than a million labourers in 2013. The number was exactly double of the current situation. Raj Modi comments, “"From a labour point of view, the peak is over."
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