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Real Estate to Create 75 Million Jobs by 2022: KPMG
A report given by KPMG India says that the Real estate and construction sector will probably create 75 million jobs by 2022 and will possibly become the largest employer in India among all the sectors.
According to a statement of KPMG, India’s Real estate and construction sector will rise to the third largest global rank by 2030 contributing and will contribute 15% of the Indian GDP with the size of $1 trillion. Hence it will become the largest employer in India.
A report was released by KPMG India and the National Real Estate Development Council (NAREDCO) that mentioned the main initiatives started by the central government in the recent years that will address the centric challenges in urbanization and the real estate sector.
The report also stated that the urban population of the country will rise up to 40% and will hit 580 million by 2030 as compared to 420 million in 2015. It also states that around 110 million houses will be required by 2022 including urban and rural parts of India. This figure also includes the present shortage of nearly 60 million houses.
A lot of projects have been coming up that include the 432 projects for roads, railway, and airport projects along with projects for ports.
As per the report, the real estate and construction sector has brought in a Foreign Direct Investment of more than $24 billion between 2000 and 2015.
The growth in this sector promises a significant growth in employment and several bright opportunities that the students can benefit from.
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