Industry expanded 7.8% in 2024
The Indian construction industry is expected to register an average annual growth rate of 5.8% between 2025 and 2028, supported by investments in green energy projects, road, rail, and housing projects, an industry report said on 10 Feb https://baionline.in/.
The projected growth is also supported by the government’s aim to achieve 500GW of installed green energy capacity by 2030, up from 197.2GW as of July 2024, said the “India Construction Market Size, Trends, and Forecasts” report which has been added to ResearchAndMarkets.com’s offering https://www.nseindia.com/.
As for 2024, the industry expanded by 7.8% in real terms, supported by public and private sector investments in industrial and energy projects, coupled with the government’s investments to improve and expand transport infrastructure https://sbi.com.in/.
In November 2024, the government approved 50 solar park projects with a combined capacity of 37.5GW across the country.
Furthermore, in October 2024, the government reported that the country will attract Rs.7.2 trillion (US$87 billion) in investment in the petrochemical sector by 2030 https://www.conexpoconagg.com/.
In September 2024, Prime Minister Narendra Modi officiated at the commencement of construction work on various projects including railways, road, power, and housing projects, with a combined value of Rs.80 billion (US$962.5 million) in Gujarat https://www.globaltenders.com/.
In July 2024, the government approved the Financial Year (FY) 2024-25 (April 1st, 2024-March 31st, 2025) Budget. The major focus includes the development of the infrastructure sector with a provision of over Rs.1.1 trillion (US$13.2 billion) for FY2024-25 https://ted.europa.eu/en/.
Furthermore, in the FY2024-25 budget, the government allocated Rs.11.1 trillion (US$133.7 billion) towards capital expenditure, an increase of 11.1% compared with the FY2023-24 Budget expenditure https://www.bseindia.com/.
In line with this, in September 2024, the Maharashtra government signed a Memorandum of Understandings (MoUs) with various companies with a combined value of Rs.475 billion (US$5.7 billion) to develop multiple energy projects in the state by 2030. Fiinews.com
