Construction Sector Set To Reach $1.4 Trillion By 2047; Focus On Sustainability And Low-Carbon Transition

The Indian construction sector is poised for exponential growth, with projections indicating it will reach $1.4 trillion by 2047, according to Shailesh Kumar Agarwal, Executive Director of the Building Materials and Technology Promotion Council under the Ministry of Housing and Urban Affairs (MoHUA).

Speaking at the Asia Low-Carbon Building Transition (ALCBT) Project orientation and certification program, Agarwal emphasized that achieving this ambitious goal will require innovation, productivity, and a strong focus on sustainability and mindful consumption.

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The event, organized by FICCI in collaboration with the Global Green Growth Institute (GGGI), aimed to train master trainers on Low-Carbon Building Transition for Building Materials Manufacturers and Technology Providers.

The ALCBT Project, supported by the International Climate Initiative (IKI) of the Government of Germany, is being implemented in five Asian countries, including India.

Agarwal highlighted the rapid pace of urbanization, which is contributing to the growth of the construction sector. However, he stressed the need for a shift towards reducing operational energy consumption in buildings and incorporating low-carbon materials into construction practices. This transition, he noted, is crucial not only for sustainable growth but also for minimizing the environmental impact of India’s burgeoning urban landscape.