India's construction sector, which is the 2nd largest employer will add another 32 million jobs to the existing 45 million in the next 5 years
India's real estate and construction sector, which is the second largest employer after agriculture, would add another 32 million jobs to the existing 45 million in the next five years. As the affordable housing sees a significant push by the government as well as the industry, it would alone require some 38 million workers by 2030, claims the Confederation of real Estate Developers Association of India (CREDAI).
The real estate development industry, which currently contributes at least 9 per cent to India’s gross domestic product (GDP), is already one of the largest seasonal employment providers in the country.
"In the coming years, 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, as there is an estimated need of around 76.5 million workers in the building, construction and real estate sector by 2022," said the construction industry lobby, siting the estimates of National Skill Development Corporation (NSDC)
"Affordable housing alone is expected to need 38 million workforce by 2030 from 29 million at present, predictably becoming the key job creator in the industry," it added.
Inspired by the central government's housing-for-all initiative, the lobby group said that it is launching 250 new affordable housing projects across India through CREDAI members under its various State or City Chapters.
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