Survival Challenges for Construction Companies
Vinod Behl
Though the construction industry, the second largest contributor to GDP, plays a significant role in the country’s economic growth, yet it faces several challenges in realizing its full potential. The Covid-19 pandemic has further compounded the challenges, particularly the ones related to finance and labour.
Over the recent years, the Construction Industry has made significant strides. Even more recently, in 2018, it regained its growth momentum with the output expanding by 8.8% in real terms. This was made possible by positive developments in economic conditions, and scaling up of investments in housing, transport infra and energy. In 2018, residential construction accounted for 30.6%, followed by energy utilization (27.1%), infra construction (23.3%), industrial construction (7.8%), commercial (7.6%), and institutional (3.6%). Today, there are a large number of private companies engaged in construction and even public-private partnerships are boosting construction activities for urban development.
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NBM&CW January 2021