India estimated to be third largest construction market globally, said Union Minister for Housing and Urban Affairs Hardeep Singh Puri
Union Minister for Housing and Urban Affairs Hardeep Singh Puri today said that the construction industry in India is seen as a central pillar for the country’s economic growth by the Narendra Modi government.
Addressing a workshop on Recent developments with recycling and use of construction and Demolition Waste in New Delhi Mr. Puri said that the construction industry is amongst the fastest growing industry in India. He informed that it is the second largest employer and has both backward and forward linkages across 250 sectors in the economy. He mentioned that by 2050, India is estimated to be the third largest construction market globally.
Mr. Puri added that currently India is the second largest producer of steel and cement in the world. Noting that many large economies in the industrialized waste are facing challenges, the Minister said that India is becoming an important destination for Foreign Direct Investments, manufacturing and construction.
He emphasised that the Modi government is giving much attention towards urban sector as it spent 11 times more on the central government schemes in urban areas in comparison to around one lakh 70 thousand crore rupees spent during the period 2004 to 2014.
