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India Construction Sector Report
Investment Summary
• India is fast emerging as key growth driver of world economy on the back of structural
changes in the economy. Strong investment boom, favorable regulatory policies, rapidly
growing middle class and emergence as low cost manufacturing destination has led to
accelerated economic growth. India’s GDP growth rates are the highest among the major
economies of the world. The gross domestic product (GDP) from construction activity
at constant (1999-2000) prices has increased from Rs.1,052bn in FY2000 to Rs.1,775bn
in FY2006. According to recent estimates by the Central Statistical Organisation (CSO),
GDP from construction sector is expected to increase 9.4% during FY2007 to around
Rs.1,941.84bn. The GDP growth from construction has increased at a faster rate than
the overall growth in real GDP. As a result, the share of construction in real GDP has
increased from 5.9% in FY2000 to an estimated 6.8% in FY2007.
• The government projects a total fund flow of US$456bn in 11th five year plan (2007-12).
The resources will be mobilised from public sector funding and private investment. Of the
total projected investment, it is estimated that power could get 28%, roads 19.7%, railways
14.5% and telecom about 12.3%. Power sector can see investment of Rs5,257.2bn in the
11th plan. Public spending would continue to dominate this investment with private sector
expected to contribute Rs200bn with a projected growth rate of 15%. Road sector can see
investment of Rs3,686.5bn in the same period with private sector playing important role
in the sector. It is expected that overall spending on national highways would grow by
5% per annum for the next five years. Investment in rural roads is also projected to grow
at 8% per annum.
• The importance of construction in infrastructure, housing and other asset building
activities and consequently its forward linkages is very high. Component of construction
comprises nearly 60-80% of project cost of infrastructure projects like roads, housing
etc. In projects like power plants, industrial plants, etc. the share of construction projects,
though lower, is critical. The exact quantification of forward linkages of construction is
again difficult as the effect is wide spread. But as the role and contribution of infrastructure
in the economy is understood it is not difficult to comprehend construction sectors role
in infrastructure building and economic development. As the second largest economic
activity, the influence of industry spans across several sub-sectors of the economy. The
main characteristic of construction industry is a mix of organized and unorganized players
in all sub sectors right from construction workers to supervisors, contractors and material
manufactures / suppliers etc.
• As per the estimate from Prime Minister of India (PMO), around Rs.14,500bn investment
is needed to develop infrastructure to cater to growing needs of the economy. The present
size of construction industry in terms of annual monetory value is estimated at Rs.3,100bn
(includes public and private investments), with an employment status of 31mn manyears.
Construction industry is experiencing a great surge in the quantum of the work load, and
grew at the rate of over 10% annually during last five years.
Table of Contents
Investment Summary 1
Economic Overview 6
Overview of Indian Construction Industry 11
Potential of Construction Industry in India 14
Roads and Highways 17
Ports 24
Railways 27
Power 29
Airports 32
Water & Irrigation 34
Recent Developments 36
Regulatory Issues 39
Challenges facing Indian Construction Sector 42
Outlook 44
Valuation, Recommendation and Coverage Universe 45
Players Profile 50
IVRCL Infrastructure and Projects Limited 50
Nagarjuna Construction Company Limited 62
Patel Engineering Limited 76
Simplex Infrastructures Limited 89
Subhash Projects and Marketing Limited 102
Era Infra Engineering Limited 115
Gayatri Projects Limited 128
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