The latest report, “India Construction Market Size, Trends, and Forecasts by Sector – Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028,” is now available through ResearchAndMarkets.com.
India’s construction industry is anticipated to expand by 7% in real terms in 2024, driven by significant government investment in transportation infrastructure.
On February 1, 2024, India’s Finance Minister, Nirmala Sitharaman, presented the Financial Year (FY) 2024-25 Budget. A notable highlight is the 11.1% increase in capital expenditure, bringing the total to INR11.1 trillion ($135.4 billion) for FY2024-25, which represents 3.4% of the nation’s GDP.
A substantial portion of this capital expenditure—24.5% or INR2.7 trillion ($33.2 billion)—is allocated to the Ministry of Road Transport and Highways (MoRTH), followed by INR2.5 trillion ($30.7 billion) for the Ministry of Railways. In February 2024, the Minister of Road Transport and Highways initiated 18 national highway projects in Karnataka, collectively valued at INR61.7 billion ($742.1 million), marking a significant step in infrastructure development.
Looking ahead, the construction industry in India is expected to achieve an average annual growth rate of 5.7% from 2025 to 2028. This growth will be bolstered by investments in renewable energy and industrial projects, aligned with the government’s objective to reach net-zero emissions by 2070 and to increase renewable energy capacity to 500GW by 2030, up from 190GW in March 2024.
The Ministry of New and Renewable Energy (MNRE) has been allocated INR128.5 billion ($1.5 billion) in the FY2024-25 Budget, reflecting a 25.7% increase over the previous year. In pursuit of its net-zero emissions goal, the government announced in February 2024 its plans to provide viability gap funding for offshore wind energy projects, starting with an initial capacity of 1GW.
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By Proptechbuzz
By Ravi Kumar
