India's construction sector is set to witness remarkable growth in the coming decade, with a staggering prediction of creating over 10 crore jobs (100 million) by 2030. A comprehensive report by Knight Frank India and the Royal Institution of Chartered Surveyors (RICS) highlights the sector's potential as the second-largest employment generator in the count
Construction Sector Jobs Boom in india 2030
As of 2023, the construction sector in India already employs around 71 million (7.1 crore) workers, making it a significant contributor to the nation's economy. However, one concerning aspect is that a large majority, around 81 percent, of these workers are considered unskilled, leaving only 19 percent categorized as skilled labor. This disparity emphasizes the need for skill development in the sector. as per statista report, Few Largest construction firms based on revenue in the world in 2022
China State Construction Engineering Corp. Ltd. (CSCEC) (China)
China Railway Group Ltd. (CREC) (China)
China Railway Construction Corp. Ltd.(CRCC) (China)
China Communications ConstructionGroup Ltd. (CCCC) (China)
Metallurgical Corporation Of China Ltd.(MCC) (China)
Power Construction Corp. of China (China)
Vinci (France)
China Energy Engineering Corp. (China)
Bouygues (France)
Shanghai Construction Group (SCG) (China)
Daiwa House Industry Co. (Japan)
ACS. Actividades De Construccion YServicios. S.A. (ACS) (Spain)
Lennar Corp. (U.S.)
DR Horton (U.S.)
Samsung C&T Corp. (South Korea)
Sekisui House (Japan)
Eiffage. S.A. (France)
Larsen & Toubro Ltd. (l&T) (India)
Sichuan road and bridge (Group) Co. Ltd. (China)The Growth Projection
The report projects that the construction sector will add an impressive 2.9 crore jobs (29 million) over the next decade, reaching a total workforce of 10 crore by 2030. This growth will be driven by various factors, including the expansion of India's real estate sector. The report estimates that the output of the real estate industry will reach a substantial $1 trillion by 2030, up from the current $650 billion.
Skilled Employment in Focus
Focusing on skilled employment in the construction industry, the report highlights the existing levels of skilled labor and the gaps that need to be addressed. As India's real estate and infrastructure sectors continue to flourish, there will be a significant rise in demand for skilled workers. Technological advancements in the construction industry will further amplify this demand, making skilled labor a valuable asset.
Bridging the Skills Gap
To meet the growing demand for skilled workers, construction companies and consulting firms need to actively seek and hire skilled employees. This, in turn, will drive the need for skilled manpower supply through various channels such as government initiatives, educational institutions, and training centers.
The National Skill Development Council (NSDC) estimates that 87 percent of the total workforce, both skilled and unskilled, are engaged in the real estate sector, while the remaining 13 percent work in infrastructure. Among the 71 million construction workers, 4.4 million hold key skilled positions, including engineers, technicians, and clerical workers, while 6.9 million are vocationally trained.
The Road to Sustainable Economic Growth
Addressing the skills gap in the construction sector is crucial for harnessing its potential for sustainable economic growth and ensuring employment targets are met. By providing adequate training and skill development programs, the industry can empower its workforce and drive productivity.
Can Compensation be Claimed at the Motor Vehicle Compensation Tribunal?
While the focus of this report is on the booming construction sector, it's essential to touch on the topic of compensation claims related to motor vehicle accidents. As per a Supreme Court order, individuals can claim compensation at the Motor Vehicle Compensation Tribunal in the area where the accident took place. This legal provision ensures that victims of motor vehicle accidents can seek rightful compensation for their losses.
FAQs
How many jobs will the construction sector create by 2030? The construction sector is projected to create over 10 crore jobs (100 million) by 2030.
What is the current size of India's real estate sector? As of now, India's real estate sector is valued at $650 billion, and it is expected to reach $1 trillion by 2030.
What percentage of construction workers are skilled laborers? Currently, only 19 percent of the construction workforce in India is considered skilled, while the rest are unskilled workers.
How can construction companies bridge the skills gap? Construction companies can bridge the skills gap by actively hiring skilled employees and supporting skill development initiatives.