NEW DELHI: Real estate and construction sector is set to become the prime employment generator in India, registering the maximum rise in human resource requirement from 2013-2022, according to National Skill Development Corporation (NSDC).
India is estimated to need around 76.5 million workers in the building, construction and real estate sector by 2022, with affordable housing, which is expected to need 38 million workforce by 2030 from 29 million at present, predicted to be the key job creator.
"There is a huge need that the industry has to cater to. We need manpower, proficient with excellent skills on technical abilities. The industry and the government need to pay a special focus on this segment of workforce," said Dilip Chenoy, managing director and chief executive officer of NSDC.
The construction sector is one of the largest seasonal employment providers in India next only to agriculture, creating more than 45 million jobs either directly or indirectly. The sector is highly unorganised, and is the principle industry employing short duration out-migrant. Of the total estimated 15.2 million short duration out-migrants, more than 36.2% are employed in the construction industry alone and more than 80% of the employment in building and construction sector is minimally skilled workforce.
"Shortage of talent in the construction centre is a long term problem and will continue to push up project costs and risks," the report said.
At present, only a meagre 9.8 million construction workers of the total 32 million are registered in the country. Tripura, Manipur and Lakshadweep are the states/UT that employ the highest number of registered workers in construction sector.
In terms of employment, technicians/foremen have had the maximum growth of 95% between 2005 and 2011 followed by unskilled workforce (34%).
The construction sector attracted $40,399 million as foreign direct investment (FDI) between 2000 and 2013, and is expected to further get inflow of $180 billion by 2020. The sector grew at a CAGR of 9.42% between 2003-04 and 2012-13. Capital investments in the sector is anticipated to rise from $651 billion in 2012-13 to $1,181 billion in 2019-20.
Source : The Economic Times(ETRealty.com)
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