Explain the importance of construction industry for the economic development of the country?
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The construction industry is an important sector that contributes more in the economic growth of the country. With the contribution of construction industry to the economic development and economic activities, it contributes a high significant affect in the development of the country. Construction industry is also said to be an investment-led sector where government shows high interest. Government contracts with construction industry for the development of an infrastructure related to health, transport as well as education sector.
What if I said construction is the 2nd largest economic activity in the country next to agriculture?
Around 25% of nation’s working population depends on construction and its allied activities for their livelihood. (I am one of them :D )
Just imagine the investments made in construction industry which is very much required for economic development of our nation. These investments increase opportunities.
When opportunities increase, GDP of the nation automatically increases. (GDP is the measure of country’s economy)
The infrastructure required by any industry is provided by construction industry. So, construction industry is an evergreen industry which helps in developing our nation.
The main thing to be noticed here is: THE OUTPUT FROM CONSTRUCTION INDUSTRY BECOMES AN ASSET OF THE NATION
Being a civil engineer, I feel very happy writing this answer.
There should be many more opportunities in Construction field so that many families in our country get benefited and there will be economic growth in our country.
good mode of transport and connectivity also provides in economic growth as it makes it economical both in terms of money and labor. And even attracts further investments.
Importance of the construction industry in India:
The construction industry of India is one of the crucial factors which indicates the development of our country.
Construction industry of India creates investment opportunities across various related fields.
The construction industry of India has contributed 670778 crores for a share of around 8.2 %.
The industry is fragmented with a handful of major companies involved in the construction activities across all segments.
Construction industry a great boost in the economy as it pays the high tax to the government.
Survey says that the construction industry has contributed an estimated ₹670,778 crores to the national GDP at factor cost in 2011–12.
So as we see the growth of the economy depends on construction industry