The Growth Of The Civil Engineering And Construction Sector
In India the construction of civil works is playing a vital role in the economic development of the country and is today growing at 20 % compound annual growth rate for the past few years and contributing 8 % to GDP. The green building factor is also on the rise due to the government initiative and the need of the environment today. Even the people are emphasizing on building an eco friendly buildings that are cost effective as well as help the green cover. There is tremendous potential for the construction of even the green buildings in India along with the regular buildings and infrastructure. The estimated market is $ 400 million and more by 2015. The government is also working on improving the regulations and policies set by them to provide more scope for green buildings. Various international players have entered the Indian market with lots of civil engineering machinery and equipments that come with advanced technology.
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India’s middle class population is expected to expand 10 times within the coming years and therefore the construction sector too is going to increase. The construction sector is also related to various other sectors like banking, insurance, designers, architects, furniture, electrical equipments, etc. Thus, these sectors will also see more positive growth in the coming years. It is predicted to grow at 7 to 8 percent every year over the next few years. Increase economic activities will be seen and more employment and opportunities are expected as well. Approximately $ 1 trillion would be spent on the infrastructure by 2017. With the new economic approach and the growing economy various projects will be carried out by the government.
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