According to a Knight Frank India research, India’s construction industry is expected to employ 100 million people in order to meet economic growth objectives.
By 2023, 71 million people are expected to be employed in the construction industry, which is the nation’s second-largest employer.
According to the survey, just 19%, or 1.3 million workers, are competent in the real estate industry, with the remaining 80% being unskilled. On the other hand, 6.9 million workers have received vocational training, and 4.4 million are core skilled workers, such as engineers, technicians, and secretaries.
The real estate industry employs 87% of workers (skilled and unskilled), while the infrastructure sector employs 13%, according to the National Skill Development Council (NSDC).
According to the Knight Frank research, there were 8,96,864 cumulative supply of core skilled workers (civil engineers) between 2012 and 21. Furthermore, it is projected that by FY2029–2030, 17 lakh civil engineers would be looking for work, expanding at a CAGR of 10.4% with an average yearly increment of 1.8 lakhs.
Currently, there are over 3,200 institutions and colleges in India that provide full-time construction-related degrees.
The production of India’s constructing industryand infrastructure building business has increased at a compound annual growth rate (CAGR) of 11% during the past 10 years. According to the survey, the production of the economy as a whole is 18% contributed by the building industry, real estate services, and home ownership.
Over the course of FY 2012–22, $35 billion in foreign direct investment (FDI) entered India’s construction industry.
India’s real estate industry is expected to create $1 trillion in production by 2030, up from $650 billion at the moment due to improvements in the residential, commercial, retail, hotel, and warehousing sectors, among other areas.
Shishir Baijal Chairman and Managing Director – Knight Frank India said, “In the recent few decades, India’s economy has significantly grown positioning itself as one of the fastest growing economies globally. In tandem with economic growth, the construction sector has significantly expanded. The sector has contributed nearly 18% to the total economic output and is highly correlated with the economy’s GDP growth“. “For optimum growth, the sector needs skilled as well as semi-skilled employees aiming at maximizing productivity levels,” he added.
