Why India? Part One - Infrastructure
Maxim recruitment analyses the leading projects in India and why UK construction expatriates should migrate there.
The construction market in India accounts for 20% of its GDP, worth over £37 Billion and is the second largest employer behind agriculture. The country is becoming a major player in the market and there are more and more significant opportunities to work in the largest most populous country in the world, constituting 16% of the world’s population. The Indian market is in a significant boom at present with record levels of activity, investment and growth.
The real estate market is developing at an astounding 30% per annum and is estimated to be at about £30 Billion at present with many international architects, consultants and master planners getting involved and set up in the Indian Real Estate market. The market is all set to boom even further with the housing market producing huge investment opportunities due to availability of credit, rising income levels, urbanisation and affordable interest rates.
The housing market is not the only sector to see rapid growth. The need for commercial infrastructure has seen steady progression mainly due to the IT & ITES sector which has grown at over 25% annually leading to continued demand for commercial property development. 70-75% of the demand for office space comes from the IT industry and this shows no sign of slowing down post recession. The demand is there and international companies are starting to recognise the opportunities available in this industry to build developments and employ UK construction expatriates such as Quantity Surveyors and Engineers to work overseas in India.
Infrastructure development in India is also seeing impressive growth rates. The industry rose to 9% before the recession but through this it still holds about 7% growth rate in India. The sector still has a long way to go, estimates that the government will need to spend around £650 Billion in the next couple of years to meet its infrastructure requirements, with major projects in the pipelines this could be and needs to become a reality in India if it is to equip itself and become a major financial power.