India’s construction sector as the second-largest employment generator: Report
Based on a recent survey by Knight Frank India and the Royal Institution of Chartered Surveyors (RICS), the construction sector in India is the second-largest job creator. Currently, the sector employs 7.1 crore (71 million) people, and this figure is predicted to exceed 10 crore (100 million) by 2030.
According to the report, the production of India’s real estate sector is expected to reach USD 1 trillion by 2030, a significant rise from the current USD 650 billion.
The report covers the present levels and gaps in the skilled workforce, with an emphasis on skilled employment in the construction sector. It highlights that as India’s real estate and infrastructure sectors expand, the demand for qualified workers will increase. Technological developments in the construction business have enhanced productivity, boosting the demand for qualified labour even more.
In accordance to the report, India’s construction sector is the second-largest job creator, with 71 million (7.1 crore) workers expected to be working in the sector by 2023. However, 81% of this workforce is unskilled, with only 19% being skilled workers. The report suggests that developers, construction businesses, and consulting organisations, among others, would have a high need for competent workers. To fulfil this need, government initiatives, academic institutions, and training institutes are anticipated to provide a supply of trained labour.
As per the National Skill Development Council (NSDC), the real estate industry absorbs 87 percent of the whole workforce (skilled and unskilled), while the infrastructure sector absorbs the remaining 13 percent.
4.4 million core skilled personnel, comprising engineers, technicians, and administrative staff, make up the entire construction workforce of 71 million, while 6.9 million are vocationally trained employees.
The report emphasises the need to bridge the construction sector’s skill gap in order to fully realise its potential for vigorous economic growth and to meet employment desires.
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