The construction industry is decentralized, with a few large firms operating in both segments; mid-sized companies specialized in specialty activities; and small and medium contractors that serve as subcontractors and complete the job in the sector. In 2011, India had marginally more than 500 construction equipment manufacturing firms. [three] The sector is labor-intensive and, including indirect workers, offers work to more than 49.5 million people. The building industry is seen as having a significant impact on economic development, as well as creating structures that improve efficiency and quality of life. After agriculture, construction is India's second-largest employer. It currently hires about 41 million people, or around 8.5 percent of India's overall labor force, directly or indirectly. The sector is largely dominated by small to medium-sized businesses in terms of organizational organization. More than 95 percent of building firms employ less than 200 people. However, there are a number of large, diversified construction firms, with about 350 firms employing more than 500 people. Road and highway projects, power stations, homes, railway lines, mineral plants, dams, and irrigation and municipal transport projects are all major development projects. Many different companies, such as building contractors, service manufacturers, material suppliers, and product providers, are involved in these projects. Various infrastructure markets account for around half of all construction activity. Residential activity, mostly low-cost urban housing, will be another significant field of growth in the coming decades. Over the last few years, there have been several big developments in the building industry. Traditionally, programs were carried out under a cash bond. Newer models such as BOT (Build-Operate-Transfer) and design-build-operate-transfer have emerged as a result of the government's increased emphasis on public-private partnerships. Such models have enabled more appropriate risk and liability distribution
By 2024, India's architecture and construction industry is forecast to grow at a CAGR of 11.2 percent, reaching INR 35,220.8 billion. The residential construction industry in volume terms grew at a CAGR of 11.1 percent during 2015-2019. In terms of size, the commercial construction industry is projected to develop at a CAGR of 12.2 percent over the forecast period. The construction and architecture industries in India, like other industries, have been negatively impacted by the ongoing economic downturn. However, there is a silver lining to the pandemic in that it would cause many Indian building and architecture companies to prioritize automation and digitization earlier than predicted. The construction sector, which has a reputation for being a labor-intensive industry, is turning its attention to digitalization, which would prompt businesses to look for new approaches to automate their operations at all levels of the building process, including design, fabrication, and service. Due to existing problems such as a workforce shortage, limited use of construction materials, and health and safety issues, advanced technical concepts such as cloud-based collaboration, Artificial Intelligence, Augmented Reality (AR), Machine Learning (ML), and, most notably, Building Information Modelling must be adopted and implemented (BIM). and the advancements in these fields are expected to boost India's construction infrastructure growth.
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