Future of Construction in India
FUTURE OF CONSTRUCTION INDUSTRY IN INDIA
In the evolution of mankind, construction played a vital role, all megacities, incredible structures and even the houses we live in are the product of the construction industry. In India, the construction industry is the second most employer followed by agriculture which gives employment of more than 135 million people.
Contribution - The construction industry is also a major contributor to the country’s GDP having a contribution of USD 308 billion is almost 19% of GDP and 60% of total infrastructure investment. The major building block of the construction industry is small-scale contract-based working firms. This industry is also the mother of one more industry i.e. construction equipment making industry that resulted in more than 500 construction equipment making companies in India by the year 2011. Talking about the construction sector, the work is labor-intensive and includes indirect jobs.
Being the second most employer in the country, its future will also affect a large population of our country. Indian economy had seen considerable progress in the past few years and according to many surveys and forecasts India’s construction industry will continue to expand in the coming years.
Industry - The outlook for the construction sector is very positive with the government ready to mobilize a $1 trillion investment plan over the next five years. “The attractive growth of the construction industry will be higher than the short term economic growth.
Upcoming - India is one of our focus countries, as we want to expand our operations from the North East to the rest of the country,” said Mr. Bruno Lafont, chairman, and CEO of major Lafarge. India is one of the most interesting places for investing in the foreign construction industry investors. There are many government plans that are going to be proved a boon to this industry. Plans like 100 smart city mission, Housing for all, AMRUT, Make in India, and Power for All are the major growth drivers for this industry. These plans are going to add more than USD 10 billion.
Even after many good things that are promoting the development of the Indian construction industry, it is facing many challenges like limited funding, environment, transportation, natural hazards, etc.
Growth - According to the study of Google’s organization GCP(Google Cloud Platform), India’s infrastructure is going to increase by 8% in the coming years. But the industry requires more than 8% of growth because it is not enough to improve the conditions of the industry. It is a massive requirement and the Government can not fulfill such requirements of a particular industry due to lack of funds. We can hope to have more funds for this industry in the next budget. For now, we can rely on PPP(Public-Private Partnerships) for finding the funding resources for the construction industry.
To improve the country’s infrastructure, the government will offer more infrastructure projects under the PPP model. Another way to boom this sector is to improve the construction management skills for maximum productivity and quality I think the best way to improve the future of the construction industry.
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