Construction Industry in India
The construction industry market in India works across 250 sub-sectors with linkages across sectors. As per the report, India's construction sector is the second largest employment generator and as of 2023, 7.1 crore of the workforce is estimated to be employed in the construction sector. Cities Driving Growth - Urban population to contribute significant percentage, and 68 cities will have a population of more than 1 Mn. Construction industry in India is expected to grow by 12.0% to reach INR 45,907 billion in 2023. The technological changes bring significant opportunities for transformational change in the infrastructure industry. We believes that the rise of digitisation and robotics in construction will bring about a huge increase in productivity in what is a very large but historically low-productivity sector.
Current trend in the construction industry: One trend is the use of advanced building materials that are more effective and longer lasting than traditional materials. These materials are also becoming increasingly affordable, making them a more viable option for construction projects. One example of advanced building material is graphene.
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Infrastructure Development: India has been investing heavily in infrastructure development, including roads, highways, bridges, airports, ports, and urban transportation systems. The government's flagship programs such as "Bharatmala" for road development and "Sagarmala" for port development have driven significant growth in the construction sector.
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Affordable Housing: The Indian government launched the "Pradhan Mantri Awas Yojana" (PMAY) to provide affordable housing to all. This initiative led to substantial construction activities in the affordable housing segment, both in urban and rural areas.
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Smart Cities: The "Smart Cities Mission" aimed at developing 100 smart cities across India further boosted construction activities, including the development of smart infrastructure and modern urban amenities.
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Real Estate: The real estate sector, closely linked to construction, also experienced growth in certain regions and segments. Factors such as urbanization, rising incomes, and favorable government policies have contributed to this growth.
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Foreign Investment: The government's efforts to attract foreign direct investment (FDI) in the construction and real estate sectors have played a role in driving growth. This includes measures to ease FDI regulations and promote investment in real estate projects.
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Technology Adoption: The construction industry in India has been gradually adopting modern construction techniques and technologies, which has improved efficiency and quality of construction projects.