The Indian government, led by Prime Minister Narendra Modi, is prioritising infrastructure development to keep pace with the country's expanding economy. The aim is to transform India into a developed nation by 2047. This mission places significant emphasis on infrastructural investment, with numerous upcoming projects identified as crucial to the country's economic growth.
Investing in infrastructure development is key to a nation's economic prosperity and enhancement of citizen's quality of life. For every rupee spent on infrastructure, there is a 1.21.5X multiplier effect on GDP, driving economic growth. This type of development also creates large-scale employment opportunities and benefits related industries. Additionally, it helps achieve social objectives by ensuring all citizens have access to essential services and amenities. Infrastructure development, therefore, plays a vital role in both economic enhancement and social welfare.
India is expected to be one of the largest economies in the world by 2047 with a GDP of about $35-40 trillion as per CII infrastructure development in the last few years by increasing the estimates from about $3.5 trillion in 2022 which increased by about 2x since 2010. In addition, the country’s industrial output has increased by 56% since 2010, which has supplemented the pace of urbanization which is expected to accelerate by 2047. This exponential economic growth in the country will drive the need, as well as be supported by the development of infrastructure in the future.
This story is from the December 2023 edition of Construction Week.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 2023 edition of Construction Week.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
KANODIA GROUP TARGETS RS 1000 CR REVENUE
The location of the acquired land is considered prime
SHUBHASHISH HOMES HAS NEW PROJECT
Will develop it as a very luxury villa project
RUNAYA PAVES THE WAY FOR SUSTAINABLE RECOVERY
Has implemented an innovative and sustainable model to eliminate waste and recover metals
GREEN RISE: GREENPLY INDUSTRIES' STEP TOWARDS SUSTAINABILITY
The plantation project signifies the company's commitment to sustainable practices
AVIATION BOOM
The country is seeing developments of numerous airports in metros and Tier II and III cities
UP AND ABOVE
Modern elevators are equipped with advanced sensors that detect overloading, unusual movements, or potential malfunctions
A BOOMING BUSINESS
Rollout of 5G services, global hyperscalers expanding their captive facilities and entry of new operators will ensure growth momentum for data centres
MILES TO GO
Road compaction and paving equipment have a future considering that thousands of miles of roads still need to be constructed
MASTER STROKES!
Dhaval Ajmera, director, Ajmera Realty, has built strong foundations that has catapulted the company to new heights
BPCL TO BUILD ATF PIPELINE UP TO NOIDA AIRPORT
The dedicated ATF pipeline spans over 34 km, extending 1.2 km within the airport premises.