We are all aware that majority of Indian population is rural. It’s obvious that dreams of a better life are what inspiring people to move to the big city are.
Indians are already aware of the change view it as too much of a good thing. When we ask why this is happening it’s probably the millions of little Rajus and Munnas who leaves the village looking for a better life in the metro dreaming of being like his filmy idol that has job and drives a car. That alone makes it easy to guess why the Indian construction industry is suddenly growing at a tremendous rate compared to other countries where the big city life is just another normal phenomenon.
A little Trivia for you that might sound close to mind-blowing:
India’s construction sector is set to be the third-largest in the world by 2025, with an overall value of $1tn (£77bn)!
In 1960, 18% of India’s population lived in cities. Now, it is 34% – more than 449 million people and by 2050, it could be more than 814 million!
India is set to be the third largest construction industry in the world by 2025
The promise of development for people living in smaller towns and nearby suburbs
The Indian Construction industry is no more nonexistent but now a force to reckon with.India now has one of the largest urban populations in the world, second only to China.And yes, that huge urban growth and need for supporting infrastructure is driving a similarly significant expansion of India’s construction industry.
While that means that more and more foreign construction companies will be interested in investing in the construction industry in India, it also means big money coming in from the same. The Indian Government has clearly recognized both the need for a fast sector growth and the risks it poses. However, those changes are often attempting to deliver swift, wholesale cultural change in an industry that is often not ready to move that quickly. A number of initiatives – from the 100 Smart Cities programme and the AMRUT infrastructure development scheme to the introduction of the RERA Act and changes to the laws regulating foreign direct investment – show that there is clearly the will to act to help develop the construction and property sector. The Indian construction market is hot property right now, and foreign firms are keen to get a piece of it. Growth Infrastructure sector is probably the key driver for the same being promising. The sector is highly responsible for propelling India’s overall development and enjoys intense focus from Government for initiating policies that would ensure time-bound creation of world class infrastructure in the country.