India Needs 8 Crore Skilled Workers In Realty Sector By 2022

NEW DELHIl:The country will require nearly 8 crore strong skilled workforce in the construction and real estate sector by 2022, according to a report by National Skill Development Corporation (NSDC).

"India will need around 76.5 million strong workforce in the India's booming building, construction and real estate sector. Out of the 24 sectors studied by NSDC, this sector will have the maximum incremental human resource requirement from 2013-2022," the report said.

The demand of skilled employment in the sector arises due to demand for affordable housing which is expected to increase to 38 million from 29 million (present) by 2030, it said.

Moreover, rapid growth in IT and financial services into Tier-II and Tier-III cities, investments in key infrastructure segments including power, road, railways, ports and civil aviation which are expected to touch $1 trillion during the 12th Plan period, will also contribute to the requirement, the report said.

It also said that the construction sector is one of the largest seasonal employment providers in India next only to agriculture and is also highly unorganised, principle industry employing short duration out-migrant.

"There is a huge need that the industry has to cater to. We need manpower proficient with excellent skills on technical abilities. The industry and the government need to pay a special focus on this segment of workforce," MD & CEO of NSDC Dilip Chenoy said.

"Between 2000 and 2013, the sector attracted $40.4 billion as foreign direct investment. It is expected to attract FDI of $180 billion by 2020. The sector grew at a CAGR of 9.42 per cent between 2003-04 and 2012-13. Capital investments in the sector is anticipated to rise from $651 billion in 2012-13 to $1,181 billion in 2019-20," the report added.

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