Building material sector will grow at 5-10 % growth

Ashwin Reddy, Managing Director, Aparna Enterprises Ltd, on Friday said that building material industry would witness about 5-10 per cent growth in 2020.

"While the outlook is positive, for the optimism to turn into reality will an improvisation of ease of doing business as well.

It will call for rationalisation and further streamlining as well as effective execution of taxes and policies.

For instance, a comprehensive implementation of GST irrespective of the size of the business is the need of the hour," Reddy said in a statement

On the performance of building material sector in the current year, he said: "2019 was an eventful year for building material industry.

While the real estate sector witnessed a muted growth, the thrust from the government on infrastructure development acted a great stimulus for the industry".

The increased spend and focus on infrastructure development saw the sector witnessing a healthy growth. Initiatives like housing for all, setting up of dedicated freight corridors, metro rail projects; AMRUT, smart cities and upgradation of roadways have all bolstered the demand for building materials, he added.

A key building material that has witnessed positive momentum in 2019 was ready mix concrete.

The adoption of white toppings and cement for the construction of roads has helped ready mix concrete positively, he pointed out.