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Future challenges:
– India’s population expected to reach 1.7 billion by 2050
– Increasing population may strain resources
– Inefficiency in construction industry poses challenges
– Underdeveloped labor force impacts efficiency
– Time and cost overruns in projects affect industry growth

References:
– Reserve Bank of India – Publications
– Indian Construction Industry at a Glance in 2011-2012
– Construction Equipment Manufacturing Industry Report
– Construction Becomes a Key Industry in India (PDF)
– Construction Industry Structure in India (PDF)

Economic impact:
– Construction industry contributes 8.2% to national GDP
– Estimated ₹670,778 crores (US$ 131 billion) added to GDP in 2011-12
– Over 500 construction equipment manufacturing companies in India
– Sector provides employment to over 49.5 million people
– Construction sector plays a vital role in economic growth and quality of life

Importance of construction sector:
– Creates investment opportunities in related sectors
– Labor-intensive sector with significant indirect job creation
– Enhances productivity and quality of life through infrastructure development
– Key player in economic growth and modernization
– Influences economic policies and regulations for sustainable growth

Role of government:
– Government initiatives to meet economic objectives
– Policies for price stability, high employment, and sustainable growth
– Regulations on financial industry, trade, and tax policies
– Direct relationship between economic development and environment
– Focus on modernization, westernization, and industrialization for economic growth