India’s construction sector will receive a boost by 2015
It is being said that India’s construction sector will grown at 7-8 percent each year through the next decade. Post the new government the country hopes to see an increased growth and removal in the barriers to foreign investment which will help in hurrying the demand for construction over the upcoming 12 to 18 months as a report published by the international consultancy giant PwC says.
The report has also highlighted that an estimated $1 trillion will be spent on the infrastructure in the next three years till 2017. From then there is an expectation of increased investment especially in industrial projects constructed by the government. The report has also noted that it is the private housing sector that will be the key area of growth.
The total construction market India after the fiscal year ending March 2014 was $157 billion. There was an increase of $4 billion from the previous fiscal year ending March 2013. The report stated that Infrastructure accounted for 49 percent, housing and real estate for 42 percent and industrial projects for 9 percent. The rapid growth in India’s construction sector is being observed since the last few years.
Source: The Hindu Business Line
Construction sectors, Foreign investment, investment in the construction sector, Masterplan 2015, New government, private housing sector
