Indian construction industry: A Booming industry: Report
The Indian construction industry is on an exciting growth trajectory. In 2022, it reached an impressive valuation of $701.7 billion, and momentum suggests a substantial leap to $1 trillion by 2025. Several compelling factors are driving this unprecedented growth. If we look deeper into the ‘New India’, we observe various development projects and ongoing constructions. We have many examples of the structure to examine in detail. In Table number I.
Factors driving the growth of construction industry
A. Government investment in infrastructure projects:
- Huge investment by the Government of India in various infrastructure projects.
- Key focus areas include roads, railways, airports and more. Which resulted in a significant increase in demand for construction services.
B. Urbanization:
- India is experiencing rapid urbanization, being one of the fastest urbanizing countries globally.
- This wave of urbanization is driving strong demand for housing and other critical urban infrastructure.
C. Real Estate Boom:
- The Indian real estate market is witnessing tremendous growth.
- There has been a significant increase in demand for both residential and commercial properties, leading to increased construction activities.
- Second. Anticipated growth and future outlook:
Continued Growth in Construction Industry:
- Expecting continued growth in the Indian construction industry in the near future.
- The government has set ambitious targets for infrastructure development supporting this projection.
- The trend of rapid urbanization is expected to continue, leading to further growth in construction demand.
B. Buoyant Real Estate Market:
- It is expected that the real estate market will maintain its boom and contribute to the growth of the construction sector.
Let’s uncover intriguing facts and figures about it. Let’s examine the pervious-year data of major construction projects in India.
Here is the Reference to Previous Year’s Examples
| S.NOS | Project | Cost (in crore) | Timeline | Location | Description |
| 12 | Pradhan Mantri Gram Sadak Yojana (PMGSY) | 6,00,000 | 2000-Ongoing | Across India | A rural road construction scheme. |
| 3 | Atal Tunnel | 3,200 | 2010-2020 | Manali, Himachal Pradesh to Leh and Ladakh, Jammu and Kashmir | A 9.02 km highway tunnel under the Rohtang Pass in the Himalayas. It is the longest tunnel above 10,000 feet (3,048 m) in the world. |
| 6 | Charanka Solar Park | 2,600 | 2012-2019 | Charanka, Gujarat | A 1.3 GW solar park in Gujarat. It is one of the largest solar parks in the world. |
| 9 | Nagpur-Mumbai Expressway | 46,000 | 2013-2023 | Nagpur to Mumbai, Maharashtra | A 701 km expressway connecting Nagpur with Mumbai in Maharashtra. |
| 8 | Jaisalmer Solar Park | 14,000 | 2014-2019 | Jaisalmer, Rajasthan | A 6.9 GW solar park in Rajasthan. It is one of the largest solar parks in the world. |
| 15 | Swachh Bharat Mission | 67058 | 2014-2019 | Across India | A sanitation mission to make India clean and open defecation free. |
| 5 | Bhadla Solar Park | 14,000 | 2015-2019 | Bhadla, Rajasthan | A 2.25 GW solar park in Rajasthan. It is one of the largest solar parks in the world. |
| 2 | Atal Mission for Rejuvenation and Urban Transformation (AMRUT) | 50,000 | 2015-2020 | Across India | A mission to improve urban infrastructure and services in 500 cities across India. |
| 11 | Pradhan Mantri Awas Yojana (PMAY) | 7,00,000 | 2015-2022 | Across India | A housing scheme for urban poor. |
| 14 | Smart City Mission | 100000 | 2015-2023 | Across India | A mission to develop 100 smart cities across India. |
| 1 | Amritsar-Delhi Expressway | 25,000 | 2015-2024 | Amritsar, Punjab to Delhi | A 464 km expressway connecting Amritsar with Delhi. |
| 10 | Pavagada Solar Park | 4,500 | 2016-2019 | Pavagada, Karnataka | A 2 GW solar park in Karnataka. It is one of the largest solar parks in the world. |
| 7 | Delhi-Dehradun Expressway | 18,900 | 2016-2023 | Delhi to Dehradun, Uttarakhand | A 210 km expressway connecting Delhi with Dehradun in Uttarakhand. |
| 4 | Bengaluru-Mysuru Expressway | 10,900 | 2018-2023 | Bengaluru to Mysuru, Karnataka | A 111 km expressway connecting Bengaluru with Mysuru in Karnataka. |
| 13 | Rajgarh Solar Park | 4000 | 2019-2023 | Rajgarh, Madhya Pradesh | A 2 GW solar park in Madhya Pradesh. It is one of the largest solar parks in the world. |
| 16 | Ram Mandir | 1800 | 2020-2024 | Ayodhya, Uttar Pradesh | A Hindu temple being constructed in Ayodhya, Uttar Pradesh, at the site where many Hindus believe the deity Rama was born. The temple is expected to be completed in 2024. |
These are just a few examples of the largest projects; some have been completed, while many are still in progress.
Key Trends in the Indian Construction Industry
Increased focus on sustainability: The Indian construction industry is becoming more focused on sustainability. This is being driven by a number of factors, including government regulations, consumer demand, and the rising cost of energy. Green buildings are becoming increasingly popular in India, and construction companies are using sustainable materials and technologies.
Adoption of new technologies: The Indian construction industry is adopting new technologies to improve efficiency and productivity. Technologies such as drones, building information modelling (BIM), and 3D printing are being used more and more in construction projects.
Growth of the prefabricated construction market: The prefabricated construction market in India is growing rapidly. This is being driven by the need for faster and more efficient construction. Prefabricated construction is also more sustainable than traditional construction methods.
Skilled labour shortage: The Indian construction industry is facing a shortage of skilled labour. This is due to a number of factors, including the rapid growth of the industry and the lack of training facilities. The government and industry associations are taking steps to address this issue.
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