A) The construction industry is one of the most significant contributors to the Indian economy. Its growth rate is a reliable indicator of the entire nation's development. The construction industry is imbued with a large number of opportunities as it supports several other sectors like raw material (iron, plastic, cement, glass, paint, etc.), transportation, real estate, and many more. In addition, government schemes like MGNREGA, Smart City Mission employ the majority of the labor force in the construction sites only. The construction industry is one of the major employment providers in the country. The idea behind making the country self-reliant is to have a stronger emphasis on local producers and service providers to sustain the local economy. Referring to a World Bank statistics survey, the number of new companies in the formal sector in India has increased by a substantial 12.2 percent between 2014 and 2018, compared to a marginal 3.8 percent growth from 2006-2014. The construction industry in India has reported a growth rate of 5.66% in the period 2015-2020, which was a mass improvement from 2.95% from 2010 to 2015.According to the analysis, India is soon expected to become the third-largest construction market in the world. This growth is supported by the growing investments by the foreign companies to set up their facilities in India and the burgeoning population that has boosted the housing requirements. The construction industry is marked with profitability and high yields if the right practices and procedures are followed.
