Prelims Level
Mains Level
Prelims Syllabus : Economics - Infrastructure Mains Syllabus : GS-III Indian Economy and Issues Relating to Planning, Mobilization of Resources, Growth, Development and Employment.

Why in News?

  • The National Real Estate Development Council (NAREDCO) and the Associated Chambers of Commerce and Industry of India (ASSOCHAM) have sought 200 billion dollars from the government as a relief package to minimise the economic impact of COVID-19.
  • The relief package demanded is around 10% of the nation’s Gross Domestic Product (GDP).

Demands of the Industrial Bodies:

  • They have also called for a partial lifting of the lockdown on construction sites to reduce job losses.
  • NAREDCO also called for suspending all cases under the National Company Law Tribunal (NCLT) for the next six months amid economic slowdown.
  • The real estate sector accounts for 7% of the GDP and employs 11% of the country’s population.

About NAREDCO:

  • NAREDCO is hailed as the apex national body for the real estate industry.
  • National Real Estate Development Council (NAREDCO) was established as an autonomous self-regulatory body in 1998. It comes under the aegis of the Ministry of Housing and Urban Affairs, Govt. of India.

About ASSOCHAM:

  • The Associated Chambers of Commerce and Industry of India is one of the highest trade associations in India. It was established in 1920.
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