Laying The RED CARPET
With the successful hosting of the first ever G20 Summit, India has showcased the world its cultural prowess and attracted a huge global clout by laying a red carpet for investments and economic prosperity. This Summit was not only important on the political level, but its impact reverberated far beyond diplomatic discussions and put a greater spotlight on crucial sectors such as Infrastructure and Clean Energy.
Starting with the venue, the newly constructed iconic Bharat Mandapam, also termed as the ‘Culture Corridor’ showcased India as a premier global business destination. Covering an approximate campus area of 123 acres, Bharat Mandapam has been developed as India’s largest MICE (Meetings, Incentives, Conferences, and Exhibitions) destination. This marvellous development has only set the construction benchmarks higher!
Staying on course with the infrastructure growth momentum, a recent joint report by Knight Frank and National Real Estate Development Council (Naredeco), highlighted that India’s real estate sector is expected to expand to $5.8 trillion by 2047, contributing 15.5% to the GDP from an existing share of 7.3%. Such stats reflect enormous opportunities for companies involved in real estate and infrastructure.
According to Knight Frank India, in the next 25 years, there will be an estimated 230 million units of housing requirement in India. The demand for housing is expected to remain concentrated in affordable housing, will gradually shift towards mid segment and luxury housing. The share of lower income households will reduce from existing 43% currently to 9% in 2047.
The onset of the festive season will only bring fortunes for the construction players in the country where new projects will be announced and will lay a red carpet of growth & prosperity for all the stakeholders in the business – be it construction equipment players, construction companies, allied segments or the investors’ community.
With India’s economic growth fuelling from all the directions, Infrastructure will be the biggest gamechanger as it sets to take the front seat.