Himadri Sen, Senior General Manager of ITD Cementation India, remarked that given its alignment with an election year, the industry is expected to encounter a blend of both successes and challenges
The outlook for construction and infrastructure in India is very promising in 2024. As this coincides with an election year, the industry is anticipated to experience a mix of successes and challenges. Numerous large-scale projects are expected to be rolled out, albeit with potential disruptions caused by the workforce's engagement in the election process.
The Indian government has been focusing infrastructure development as a crucial catalyst for economic growth. Various initiatives, including the Bharatmala Pariyojana, Sagarmala, Smart Cities Mission, Jal Jeewan Mission, and others, have been implemented to enhance transportation networks, improve connectivity, and foster sustainable, inclusive development.
In 2024, significant progresses are anticipated in the construction of highways, railways, airports, and ports in India. The government's continued focus on affordable housing initiatives, including Pradhan Mantri Awas Yojana, is poised to further fuel the growth of the construction sector.
Additionally, renewable energy projects like solar and wind power plants which has already taken off, will gain momentum, aligning with the country's commitment to reducing carbon emissions. These initiatives will not only create employment opportunities but also attract foreign investments in the sector.
However, challenges such as land acquisition, bureaucratic hurdles, and funding constraints may still pose obstacles to the pace of infrastructure development. The government must continue to address these issues and implement policies that promote ease of doing business to accelerate growth in the construction and infrastructure sector.
Overall, with the government's commitment, ongoing projects, and future initiatives, the construction and infrastructure sector in India is poised for substantial growth in 2024, contributing to the country's economic development and improving the quality of life for its citizens.