Industry & Economy
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Real Estate & Construction
Govt for working with Malaysia to tap world construction market
Our Bureau
New Delhi
,
Aug. 26
IN a bid to enhance its share in the $4-trillion world construction market, India has invited Malaysian industry to jointly explore the opportunities of project exports in third countries.
"India's share of 1.7 per cent in the world construction market of four trillion dollars does not reflect our true potential and there is a lot to be done. I strongly believe that there is an enormous opportunity for the Indian construction industry in the overseas market," Mr E.V.K.S. Elangovan, Minister of State for Commerce and Industry, said addressing a Construction Summit 2004 organised by the CII.
He said that Malaysian and Indian construction industry had complementarities and could jointly look at opportunities of project exports in the third countries.
"I am sure India can plan an active role in the world construction market. The need of the hour is concerted efforts, consortium approach and active marketing," he added.
Stating that the infrastructure quite often constrained overall industrial growth as shortfalls could not be alleviated through imports, Mr Elangovan said that 10 per cent increase in spending on construction sector could raise the growth rate of India's GDP by three per cent.
He said there was a need to enhance productivity through appropriate mechanism. The investment in construction industry is valued at Rs 2,47,000 crore.
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