Construction in India, key points & opportunities in 2020
1. 5 Factors That Will Drive India’s Massive Construction Industry Growth Till 2020 And Beyond
- As India gets industrialized and urbanized at a rapid pace, the construction industry is projected to see a big boom in the years ahead. And a huge part of the growth will be spurned by massive government investments that seek to rebuild India from its rustic yesteryears to a modern nation. Given below are five important factors that will drive India’s construction industry growth till 2020 and beyond.
2. 100 Smart City Mission
- Under this government plan, 480 Billion Rupees have been allocated by the Indian government for the express purpose of setting up 100 Smart Cities across the country by 2020. Each city will be built with the focus on making it fully self-sufficient and sustainable.
3. Energy Infrastructure
- For the country to grow into a major superpower, it is necessary that its energy needs are fully met. And a key determinant for meeting India’s power supply is renewable energy. With this objective in mind, both central and state governments are planning out massive energy infrastructure projects that make use of water, wind, and solar power. The aim is to generate 175 GW of renewable energy by 2022, a task that involves huge investments in construction.
4. Utility Infrastructure
- The AMRUT program, introduced back in 2015, aims to bring basic utility infrastructure to more than 500 cities across the country. As a part of the project, the government will build a wide network of water supply connections, sewage networks, and so on.
4. Housing For All
- In a bid to ensure that every citizen has a roof to live under, the government has come up with the Housing For All scheme. The project has set an ambitious target of providing housing for about 50 million families by the year 2022. The large-scale investment required to pull off such a huge commitment will inevitably provide numerous opportunities for businesses in the construction industry. About 30 million homes will be constructed in rural areas while the remaining 20 million units will be built in urban regions. As an immediate target, 10 million housing units are expected to be completed by (Financial Year) 2019.
5. Road Construction
- The central government has set aside a mammoth 7 Trillion Rupees for constructing over 80,000 kilometers of road network all across the country by 2022. The aim of this undertaking is to improve India’s connectivity so as to boost its manufacturing sector by allowing businesses to transport goods at lower costs. The entire road construction project and the numerous business developments that occur as a result will also play a big role in the growth of the Indian construction industry.