The building construction sector in India is one of the most important contributors for its GDP growth. After agriculture, the construction sector, accounts for around 9% of the total GDP in the nation. The building construction industry helps the economy to enjoy sustained growth. It also provides excellent employment opportunities for a lot of people. The building construction sector maintains links with other industries, sectors thus paving the way for a lot of development. There are nearly 250 ancillary core sectors like steel, cement, timber, brick and building materials are dependent on the construction industry. Even a single unit increase of expenditure in the construction industry can have a multi-dimentional effect on other sectors generating an income that is higher than the average. Thus, the building construction industry is considered to be of prime importance for the development of the national economy.
The increased business and financial expansion of the country has led to the growth and development of the country’s infrastructure. Without ample development of the country’s infrastructure, it is not viable for the corporates to conduct their operations. The most important aspects associated with the growth of the construction industry are certainly the commercial and residential complexes. The arena of infrastructure development encompasses the construction of roads, power plants, railways, oil and gas hubs, refineries and textiles just to name a few.
Recently, there has also been a steady exodus of urbanites, from rural and semi-rural areas to metros and cities. Therefore, a need to create smart cities is increasing rapidly. In the present scenario, the cities must have tailor made real estate solutions that can improve the urban infrastructure. Our government has been experimenting recently to ensure better growth of urban areas with appropriate urban development plans. This is certainly going to create a boom in employment sectors.
There is going to be substantial growth in the country’s infrastructure. Since 2018, the level of growth in the construction sector has increased to a good extent. It indicates the upcoming years are going to have ample investment opportunities in the respective sector. As the government is working towards setting up more real estate projects, ports, roads, airports and water supply centers, there is going to be some sustainable expansion in the Indian construction industry.
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