Page 8 - Construction Vision Dec-Jan 2024 Issue

INDIA'S CONSTRUCTION SECTOR SECOND LARGEST

EMPLOYMENT GENERATOR

ndia's construction sector is the considerable demand for manpower in skilled employees will continue to arise
second largest employment generator the industry. With the advent of from developers, construction
Iwith 7.1 crore workforce employed technology, the construction sector has companies, consulting firms etc whereas
currently and the number is set to cross also adapted itself to improve the supply of the skilled manpower is to
10 crore by 2030, according to Knight productivity, raising the demand for be generated from government initiatives,
Frank-RICS report. The output generated skilled manpower," the report said. academic and training institutes," the
from the Indian real estate sector is report said.
As per the report, India's construction
estimated to grow to USD 1 trillion by
sector is the second largest employment
2030 from the existing USD 650 billion, it As per the estimates of the National Skill
generator and as of 2023, 71 million (7.1
added. Development Council (NSDC), 87 per
crore) of the workforce is estimated to be
cent of the overall employees (skilled and
employed in the construction sector.
Real estate consultant Knight Frank India unskilled) are absorbed by the real estate
However, 81 per cent of this workforce is
and Royal Institution of Chartered sector, whereas 13 per cent are
unskilled and only 19 per cent are skilled
Surveyors (RICS) on Thursday released absorbed by the infrastructure sector.
employees.
a report 'Skilled Employment in
Construction Sector in India' that Of the total workforce of 71 million
Employment in the construction sector is
assesses the growth in this sector employed in the construction industry, 4.4
estimated to grow to 100 million to attain
emphasising on the existing levels and million are core skilled employees which
economic growth targets, it added.
gaps in skilled employment in the sector. includes engineers, technicians, clericals
"Growth in India's real estate and etc, and 6.9 million are vocationally-
"Owing to the growing demand for real
infrastructure sector will generate trained employees.
estate and infrastructure, the demand for

CONSTRUCTION VISION 6 DECEMBER-JANUARY 2024