India: A Hub for Construction Innovation

India is in the midst of an urban revolution. According to the 2011 census of India, 31.2 percent of the total population lives in urban areas. The share of India's urban population has risen steadily during the past few decades, from 6.2 percent in 1951 to 31.2 percent in 2011, and it is expected to touch 40 percent by 2031.

India continues to experience rapid urban expansion, and leaders are looking into ways to better manage larger populations and unlock greater economic potential.

Launched under Prime Minister Narendra Modi in 2015, the Smart Cities Mission is a multiyear effort to boost economic development, technological innovation, and sustainable growth across 100 cities. Learning from previous national urbanization initiatives, the Smart Cities Mission will simultaneously improve the infrastructure and environment in India's expanding cities while offering a new path to urban fiscal health.

India's Smart Cities plan has a total budget of INR 48,000 crore ($7.2 billion). The central government plans to invest INR 500 crore ($75 million) per city during this period, and respective others are expected to raise a matching amount.

The initiative focuses on creating new business incentives, pushing state governments and urban local bodies to create a more business-friendly environment, and attract additional private capital for long-term infrastructure projects. This mission will spark many infrastructure improvements and a lot of construction activity in the region.

Posted: 8/29/2017 4:48:07 PM



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