India's construction sector to create 100 million jobs by 2030
What's the story
India's construction sector is projected to create 100 million jobs by 2030, up from 70.6 million today, according to a Knight Frank and RICS India report.
The share of skilled workers is expected to rise to 10.5% by 2030, driven by demand for residential, commercial, retail, hospitality, and warehousing developments.
To ensure optimal growth, the report recommends focusing on skill development in the sector.
What Next?
Real estate output to reach $1 trillion by 2030
The report titled Skilled Employment in Construction Sector said real estate output is expected to reach $1 trillion by 2030.
The anticipated growth in India's construction sector has significant implications for the economy. The sector has attracted $35bn in FDI between 2011-12 and 2021-22.
To meet the demand for skilled employees, it recommends generating skilled manpower through government initiatives, and academic and training institutes.
Details
The construction sector is still facing a skill challenge
Growing at an annual rate of 11% since 2012, India's construction sector accounts for 18% of the country's total output.
The growth is fueled by increasing income levels, domestic demand, and favorable business conditions.
However, the report emphasizes challenges in skill development despite the demographic advantage. It suggests strengthening training modules, promoting global-centric education, and fostering collaboration between educational institutes and private companies.