From 2013 to 2023, the construction value added in India has exhibited a consistent decline. This trend is evident from the year-on-year decreases, culminating in a notable decline by 2023. The compound annual growth rate (CAGR) over the past five years reflects a negative trend of -2.35%. Looking forward to the forecasted period, the decline is expected to continue at a CAGR of -1.53%, leading to a cumulative reduction of 7.4% by 2028.
Future trends to watch for:
- Impact of policy reforms on the construction sector.
- Influence of infrastructure projects planned under government schemes.
- Technological advancements and their adoption in construction practices.
- Potential recovery in post-pandemic economic conditions and its effect on the construction industry.
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