The construction sector in the country, which is on the growth path, is going to provide employment to an additional three crore in the next seven years i.e. by 2030, according to the latest report from renowned real estate agency Knight Frank. It is attributed to increased demand for urban housing and governments spending more on creating necessary infrastructure. In this backdrop, the number of those who find gainful employment in this sector is going to cross 10 crore mark by 2030. Currently, seven crore persons are gainfully employed in this sector.
The Indian economy is all set to touch 6.7% growth by 2031. The economy is characterised by inflation, short-term challenges and export of services and increased consumer demand, according to the estimation of S and P Global firm. In the post-Covid phase, the construction sector recovered well. Meanwhile, the government spending on network of roads, construction of ports, airports and creation of infrastructural amenities is on the rise, according to the director of the firm Ghulam Zia.
The demand for owning properties in eight main cities of the country and also in tier two towns and cities is on the rise due to increase in the domestic income level and outsourcing of services by global service providers. The real estate’s annual turnover which is $ 650 billion is going to cross $ trillion mark by 2030, he remarked.
