India construction market. The numbers, sourced.

Mordor sizes the India construction market at $738.5 billion in 2024, forecast to reach approximately $1.04 trillion by 2029 at a 7.16% CAGR. The report covers residential, commercial, industrial, and infrastructure sub-segments. Infrastructure (roads, rail, ports, energy) is the fastest-growing sub-segment driven by government capex.

IBEF tracks construction as India's second-largest employment sector after agriculture, with 55 million+ direct workers. The sector contributes approximately 8% to GDP and has grown consistently above nominal GDP through FY21-FY24. IBEF projects 7.2-7.6% CAGR through FY2029, anchored by Bharatmala, PM Awas Yojana, and Smart Cities programme.

CRISIL tracks India's highway construction pace as a proxy for sector health. The rate peaked at 16.02 km/day in FY23 (down from 16.8 km/day in FY22 but well above the 8.23 km/day of FY18). CRISIL estimates that EPC contracts represent 65-70% of NHAI project awards by value, with HAM and BOT Toll making up the balance. CRISIL's infrastructure advisory reports are available to subscribers.

PM GatiShakti is the successor planning framework to the National Infrastructure Pipeline (NIP 2019-25). Launched in October 2021, it integrates 16 ministries on a single geospatial platform to coordinate roads, railways, ports, waterways, airports, logistics parks, and utility corridors. Over 1,500 projects are tracked live. The framework replaced the NIP's static project list with a dynamic, GIS-mapped project coordination tool. Contractors can monitor land acquisition status, clearance milestones, and alignment conflicts before bidding.

MoSPI's first advance estimate for FY2024-25 places construction sector GVA at constant prices at approximately ₹17.7 lakh crore, reflecting 8.6% year-on-year growth from FY24's ₹16.3 lakh crore. Growth is driven by public infrastructure capex: roads, railways, and irrigation, rather than private residential construction. MoSPI releases final national accounts data 18 months after year-end; the advance estimate is the figure most market participants and MoRTH use for sector sizing.