India’s construction industry is a big contributor to the economy, 9% of the GDP and 50 million people employed. But it still has a transparency problem. That’s why it’s hard to build trust, improve efficiency and grow long term.

One of the main issues is project approvals and regulations. Bureaucratic delays and unclear processes lead to corruption and inefficiency, that affects timelines and costs. To solve this, digital platforms for real time tracking of approvals can help. Look at Singapore’s Building and Construction Authority, we can learn from them how to improve accountability and efficiency.

Financial Transparency

Another area that needs change is financial transparency. Cost overruns and poor budgeting making investors hesitant and projects failing. Clear rules for financial reporting and audits for large projects can ensure funds are used correctly and increase investor confidence. New accounting technologies can also improve financial clarity and resource management.

Technology for Transparency

Technology can make a big difference in transparency. Blockchain can store contracts and transactions securely, build trust among all stakeholders. IoT can provide real time updates on project progress and resource used, ensure accountability at every stage. These technologies not only improves how projects run but also prevents disputes and delays.

Fair Labour Practices

Construction industry also needs more transparency in labour practices. Many workers face unfair wages and unsafe working conditions. Follow labour laws and keep digital records of wages and benefits can ensure workers are treated fairly. Public platforms that track safety standards can also encourage companies to follow ethical practices and improve worker welfare.

Attracting Investments

Transparency is key to attract local and international investments. Construction industry is considered corrupt, that’s why investors won’t come. By adopting transparent practices, India can become a trusted place for infrastructure development and bring in more capital. Transparency also supports government initiatives like Digital India and Ease of Doing Business, creating a better investment environment.

Policies like RERA has already shown that promoting accountability helps real estate sector. Extending the same to entire construction industry can ensure transparency and compliance. Open data and public involvement can help build trust and good governance.

Transparency is the key for India’s construction industry. Technology, better rules and accountability can help the sector overcome its problems and grow. As India builds its infrastructure, transparency should be the mantra for all.