India joyfully celebrated 75 years of independence this summer — and its economic outlook is looking equally positive. A full recovery to the strong growth of recent years has been disrupted due to geopolitical issues and COVID-19, but the numbers remain resilient — and India’s economy is one of the fastest growing in the region.
The construction sector in India has seen significant turbulence, battling the same challenges affecting other global regions — rising labour costs, climbing commodities prices and a skills shortage that prompted the Prime Minister to call out to ‘the youth of the country’ to become ‘the future skilled workforce’. Not to mention the long term impact of COVID-19 and Russia’s war on Ukraine. The first quarter of this year saw considerable movement in project costs and made stakeholders reassess their development plans. However, the second quarter brought relief where prices stabilised, and in certain cases, reduced substantially.
Read our report which includes a comprehensive market survey that allows you to dig into the on-the-ground reality of operating in the market — current market trends in materials, labour and investment, cost dynamics, the big events impacting inflation and supply chain and where the future growth lies. The industry is squeezed but the mood is one of determination and optimism, with new projects being launched, a focus on environmental conservation and sustainable methods of delivery remaining prevalent and new digital tools and technologies shaping the future.