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Construction industry to push GDP growth: CII
By agencies
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Tuesday, 06 September 2005, 19:30 IST
NEW DELHI: The construction industry would post good results this fiscal and play a key role in achieving the targeted eight percent GDP growth with a surge in investment in infrastructure, according to CII.
Major contractors have reported a growth of 30 to 100 percent in first nine months of the fiscal.
An increase in the allocations for infrastructure development in the Tenth Plan (2002-2007) has also added to increased demand for cement and steel, it said.
The report has highlighted certain problems faced by the industry such as adherence to safety norms, quality consciousness, adapting technological changes, developing new materials and using trained manpower, which needed immediate attention.
Ranked 12th in the world, the Indian construction industry accounts for five percent of GDP, and is the second highest employer after agriculture. It provides direct or indirect employment to around 32 million people, the report said.
CII has called for joint efforts from the Government and the construction industry to create infrastructure, which would result in overall growth of the country.
The report, however, said that despite diverse nature of contracts received last year, the industry did not perform good enough in securing turnkey as well as supply and consultancy contracts.