India's building industry to create 1 million+ jobs by 2030

A recent report from Knight Frank India and the Royal Institution of Chartered Surveyors (RICS) has highlighted that India's construction sector plays a significant role as the second-largest employment generator. It is stated that at present, the sector employs a workforce of 71 million individuals, and it is projected that this figure will exceed 100 million by the year 2030. According to the report, the output from India's real estate sector is anticipated to achieve $ 1 trillion by 2030, showing a substantial increase from the current $ 650 billion. The report emphasises the importance of skilled labour in the construction sector, addressing the existing skill levels and gaps. It emphasises that as the real estate and infrastructure domains in India continue to expand, there will be a significant rise in the demand for skilled workers. Technological advancements in construction have led to improved productivity, further augmenting the requirement for skilled workforce. The report notes that India's construction sector is the second largest generator of employment. As of 2023, it is estimated that 71 million individuals are employed in this sector. However, 81% of this workforce is categorised as unskilled, leaving only 19% as skilled employees. It is suggested by the report that the demand for skilled employees will arise from various entities such as developers, construction firms, and consulting companies. To meet this demand, the supply of skilled workforce is expected to be generated through governmental initiatives, educational institutions, and training centres. Statistics from the National Skill Development Council (NSDC) indicate that 87% of the overall workforce, encompassing both skilled and unskilled labour, is absorbed by the real estate sector. The remaining 13% finds employment in the infrastructure sector. Out of the total construction workforce of 71 million, 4.4 million comprise core skilled employees, including engineers, technicians, and administrative personnel, while 6.9 million are employees with vocational training. The report underscores the importance of addressing the skill gap within the construction sector. This is seen as vital to unlocking its potential for robust economic growth and ensuring the achievement of employment goals. Also read:  Tesla leases office space in Pune amid talks with Indian govt KEC bags orders worth Rs 10.65 bn across businesses