The primary framework of the new Parliament building has been finished, and inside finishing work is already underway, according to Tata Projects CEO and Managing Director Vinayak Pai on Sunday, news agency PTI reported.
The new Parliament building is being built by Tata Projects Ltd and will have a large constitution hall to display India's democratic legacy, a lounge for members of Parliament, a library, various committee rooms, eating places, and enough parking space.
In an interview to PTI, Pai stated: “The main structure (of the new Parliament building) has been completed. We are now at the stage where we are doing a lot of internal finishing work."
“… it is one of its kind, so the finishes are very well thought out by the architects, procuring that and doing all the finishing,” he added.
The administration has stated that the winter session of Parliament would take place in the new edifice being constructed as part of the Narendra Modi government's massive Central Vista redevelopment project.
In response to a question on how Tata Projects is dealing with the difficulty of increasing inflationary pressure, Pai stated that there are obviously challenges that most businesses face since they rely heavily on commodities.
“So, one one thing which we have to constantly look at is procuring smart. So, we have long-term contracts on a lot of our bulk material purchases we do,” Pai said.
Another factor, he noted, is that many of the contracts with price fluctuation provisions in procurement agreements have matured by now.
“So, that gives us protection, it might not really give us the full nature of the increase, but a good part of it gets mitigated by those clauses where we get support for that,” Pai said.
When asked if the cost of building inputs has risen as a result of the Russia-Ukraine crisis, he responded that steel prices have risen, and some specialty products, including specialty steel, are being delayed.
“The oil prices have gone up, we have a lot of mobility requirements within our project site. We use a lot of diesel generators and equipment. So, yes the input costs have gone up to some extent,” he said.
On February 24, Russia launched a military operation against Ukraine. Following the attack, Western nations, especially the United States, slapped severe economic and other sanctions on Russia.
He noticed that there is a significant opportunity in India's infrastructure industry, particularly in renewables.
“In addition to infrastructure, sustainability and green energy related opportunities we are seeing as something very strong,” Pai said.
(With Inputs From PTI)