Contribution to GDP and Economic Impact
– The construction industry contributes around 8.2% to India’s GDP.
– In 2011-12, it contributed an estimated ₹670,778 crores (US$ 131 billion) to the national GDP.
– The industry creates investment opportunities in various related sectors.
– It plays a crucial role in economic growth and development.
Employment
– The construction industry, including indirect jobs, provides employment to more than 49.5 million people.
– It is one of the largest employers in India.
– The sector offers job opportunities to both skilled and unskilled workers.
– Employment in the industry is expected to grow due to population growth and infrastructure development.
– The labor force in India’s construction industry is underdeveloped, leading to efficiency challenges.
Challenges in the Future
– India’s population is projected to reach 1.7 billion by 2050, posing significant pressure on the construction industry and infrastructure development.
– Inefficiency is a major challenge faced by the industry, potentially hindering its future growth.
– Time and cost overruns are common issues faced by construction projects in India.
– The underdeveloped labor force contributes to the overall inefficiency in the industry.
– Addressing these challenges is crucial for the future success of the construction industry in India.
Construction Equipment Manufacturing
– In 2011, India had slightly over 500 construction equipment manufacturing companies.
– The construction equipment manufacturing industry plays a vital role in supporting the construction sector.
– It contributes to job creation and economic growth.
– The industry provides the necessary machinery and equipment for construction projects.
– Continuous growth in construction equipment manufacturing is essential for the development of the construction industry.
References
– Reserve Bank of India – Publications: www.rbi.org.in (Retrieved 24 January 2020)
– Indian Construction Industry at a Glance in 2011-2012
– India’s Construction Equipment Manufacturing Industry Report (Retrieved 17 July 2013)
– Construction Becomes a Key Industry in India (PDF) (Retrieved 14 February 2012)
– (PDF) Construction Industry Structure in India Source: https://en.wikipedia.org/wiki/Construction_industry_of_India
This article needs additional citations for verification. (June 2012) |
The construction industry of India is an important indicator of the development as it creates investment opportunities across various related sectors. With a share of around 8.2%, the construction industry has contributed an estimated ₹670,778 crores (US$ 131 billion) to the national GDP at factor cost in 2011–12. In 2011, there were slightly over 500 construction equipment manufacturing companies in all of India. The sector is labor-intensive and, including indirect jobs, provides employment to more than 49.5 million people.
The construction sector is visualized to play a powerful role in economic growth, in addition to producing structures that adds to productivity and quality of life. economic development is a term that economics politician and other have used frequently in the 20th century, modernization westernization and specially industrialisation are other terms people have used while discussing economic development. economic development has a direct relationship with the environment. government undertaking to meet go abroad economic objectives such as price stability, high employment and sustainable growth, such efforts include financial and economic policies, regulations of financial industry trade and tax policies.
