Commerce and Industry Minister Piyush Goyal on April 13 urged players in the construction industry to reduce import dependency and adopt sustainable practices. He also called on the sector to focus on building earthquake-resistant and modular infrastructure.
Speaking during the inauguration of the first edition of Chemicals & Allied Products Export Promotion Council's (CAPEXIL) Vibrant Buildcon 2025, in New Delhi, he said sectors such as housing, infrastructure, commercial real estate, railways, airports, highways and energy play a key role in boosting the country's economic growth.
"Every element, from cement and electricals to security systems and automation, plays a part in this ecosystem," he said.
The minister stated that the government initiatives including 20 new smart industrial cities and 100 new industrial plug-and-play hubs would help India move from a $4-trillion economy to a $30-35 trillion economy by 2047, Goyal added.
Green Buildings Market
The green buildings market in India is projected to grow significantly, contributing $39 billion by 2025, according to a reported by The Economic Times. This trend indicates the growing emphasis on sustainable construction, with green buildings contributing to a larger share of new developments.
The Economic Times further revealed that the commercial segment of green buildings in India is expected to generate a market worth $11 billion and the residential segment is estimated to generate $28 billion, together toaling $39 billion by 2025.
Calling green housing more than just a trend, Lalit Kumar Aggarwal, Co-founder & Vice- Chairman, Signature Global (India) Ltd., told The Economic Times that these houses not only provide comfortable living spaces but also contribute to a cleaner environment.
“The increasing focus on buildings by developers highlights a significant shift towards sustainable increasing focus on green buildings by developers highlights a significant shift towards sustainable construction practices. Moreover, driven by both regulatory incentives and market demands, developers are integrating energy-efficient designs, renewable energy sources, and sustainable materials into new and existing buildings,” a spokesperson for Brahma Group told The Economic Times.
