Dublin, Aug. 14, 2023 (GLOBE NEWSWIRE) -- The "India Construction Market Size, Trend Analysis by Sector (Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential) and Forecast, 2023-2027" report has been added to ResearchAndMarkets.com's offering.
The report has revised up its forecast of the growth of the Indian construction industry in 2023 with the industry now expected to expand by 6% in real terms this year, compared to an earlier estimate of a 5% growth.
This comprehensive report presents an in-depth analysis of the sector, encompassing key growth drivers that have contributed to its development. The industry is segmented by various sectors, including commercial, industrial, infrastructure, energy and utilities, institutional, and residential, each offering unique growth opportunities.
This upward revision is attributed to robust government investment to complete major infrastructure projects ahead of the 2024 elections. According to the Ministry of Statistics and Program Implementation (MoSPI), the construction industry's value add grew by 10.4% year on year (YoY) in Q1 2023, preceded by Y-o-Y growth of 8.3% in Q4 and 5.7% in Q3 2022.
The industry's growth will also be supported by an easing of inflation in recent months. According to the Reserve Bank of India (RBI), India's Consumer Price Index (CPI) reached a two-year low of 4.3% YoY in May 2023 - within RBI's inflation rate target of between 2-6% for the third consecutive month.
The industry's output will also be supported by the 2023-24 Budget expenditure of INR45 trillion ($561.2 billion) - a 7.5% increase in comparison to the revised estimate for 2022-23. Among the major allocations, the Ministry of Road Transport and Highways received INR2.7 trillion ($33.7 billion), the Ministry of Railways received INR2.4 trillion ($30.1 billion) and the Ministry of Home Affairs received INR2 trillion ($24.4 billion).
Over the remainder of the forecast period, the Indian construction industry is expected to register an average annual growth of 6.4% between 2024 and 2027, supported by investment in the construction of transport, electricity and housing projects.
The government's allocation of INR790 billion ($9.9 billion) to the Ministry of Housing and Urban Affairs (MoHUA) under the 2023-24 Budget for the continuation of the Pradhan Mantri Awas Yojana-Urban (PMAY-U) - 'Housing for All' Mission will support growth over the forecast period.
In line with this mission, in March 2023, the Prime Minister launched the INR3.6 billion ($437 million) Pradhan Mantri Gharkul Yojana Housing for All 2023 Program, that involves the construction of 1,000,000 housing units in Maharashtra by the end of Q1 2027.
In addition, the Ministry of Housing and Urban Affairs announced in June 2023, that it will extend the Smart Cities Mission (SCM) by a year from June 2023 until June 2024 for the completion of the pending construction works.
Additionally, the report delves into the mega-project pipeline, providing valuable insights into the development stages and projected spending across all sectors. Major projects are listed, alongside details of leading contractors and consultants, enabling stakeholders to identify and evaluate market opportunities with precision. By understanding the latest industry trends, companies can formulate and validate effective strategies, while evaluating risks and success factors, including cost, regulatory, and competitive pressures.
This report provides detailed market analysis, information and insights into the Indian construction industry, including:
- The Indian construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Indian construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 Risk Profile
4 Construction Outlook
4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/cqi0z9
Source: GlobalData
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