Covid will change real estate sector, says Shashi Tharoor

Web desk 06/06/2020

After Covid 19, there will be drastic changes in the lifestyle of people and the real estate sector, Shashi Tharoor MP said. The country can only advance through the growth of the manufacturing sector. “There is a need to pay more attention to industry clusters and manufacturing and manufacturing,” he said.
He was speaking at a webinar organised by Credai Kerala, a group of real estate entrepreneurs.
Covid has paralysed the entire world. The per capita income in 175 countries was adversely affected; 600 million people will starve. Covid disrupted the global trade. We need to prepare ourselves mentally to deal with the new world in a balanced manner with the changes of the world.
Though initially hesitant, China has kept pace with growth. Many major countries have abandoned trade ties with China, but China did not lose hope and it is forging ahead now.
The real estate sector was the worst hit by the Covid plague. The real estate sector cannot move forward with city-centric projects, Mr. Tharoor said.
The city-centric developments are no longer relevant as they are able to work in homes. As the world shifts to virtual reality, India too has to adapt. It requires the rulers to have a vision and a clear vision.
Investments should be made for residential and hospital complexes. More factories should be set up to improve the manufacturing sector. Unless serious steps are taken to improve the manufacturing sector, the very existence of the country will be at stake.
India should be able to take advantage of the opportunity provided by various countries severing trade ties with China. Of the 53 companies that left China in a year, only three had expressed interest in India. Unnecessary delays, inadequate restrictions, lack of skilled workers, lack of investment friendliness and lack of clear policies are the factors that deter investors.