2 min read Last Updated : Apr 28 2024 | 12:14 PM IST
India will see a surge in private capital expenditure (capex) and foreign direct investment (FDI) after the conclusion of the ongoing elections, according to the top industry body Confederation of Indian Industry (CII)-Indian Green Building Council (IGBC).
The body, however, warned that India Inc had to remain competitive while embracing sustainability.
“Companies, both multinationals and domestic, face the challenge of reducing their carbon footprint and adopting green practices to enhance their global competitiveness. This requires significant investments in technology, infrastructure, and workforce training, posing a challenge for companies operating in diverse sectors,” said B Thiagarajan, National Chairman of CII–IGBC.
“The top priority for the new government should be to strike a balance between economic growth and environmental sustainability. Policies that promote green infrastructure, incentivise renewable energy adoption, and support sustainable practices across industries will be instrumental in achieving this balance,” he said.
The transition towards green building practices necessitates overcoming regulatory hurdles and ensuring compliance with environmental standards. The government’s role in facilitating a conducive regulatory environment and providing incentives for sustainable development will be crucial in driving the green building movement forward, he said.
On FDI, Thiagarajan said, the connection between sustainability and investment attractiveness cannot be overstated. “As global investors increasingly prioritise environmental, social, and governance (ESG) factors in their decision-making, countries that demonstrate a strong commitment to sustainability are likely to attract higher levels of FDI,” he said.
The leadership’s emphasis on green building initiatives and their potential to enhance India’s competitiveness on the global stage bodes well for attracting foreign investment.
Recently, CII-IGBC elected new officials. Thiagarajan, Managing Director of Blue Star, was elected as the National Chairman, while C Shekar Reddy, Managing Director of CSR Estates, assumed the role of National Vice Chairman.
First Published: Apr 28 2024 | 11:32 AM IST