Demands of Construction Industry after Budget 2022
We all saw the union budget for FY 2022-23 presented by the
government of India. The budget came after two years of the pandemic. It seems
we have left behind three COVID waves and their disruptions. And this year’s
budget can be termed as nation-building focused on building core infrastructure
crucial for the growth of the nation’s economy.
For students who are not aware of the huge career
opportunities the construction industry beholds especially after the budget,
this blog is for you. Read it till the end to get an in-depth understanding of
the industry’s demands after this year’s budget.
The union budget 2022
The budget has factored in a huge increase in capital
expenditure in FY 2023 to Rs 7.5 trillion, which is 24.4 percent higher than
Rs. 6 trillion in FY 2022. Approximately 60 percent of the CAPEX is towards
these important sectors- railways, roads, and defence.
In key infrastructure segments like Railways, capital
expenditure has been budgeted to increase to Rs 2.45 trillion in 2022-23, Roads
& Highways to Rs 2.08 trillion, while that of metro and MRTS projects have
been kept at a stagnant position at Rs 191 billion.
The union budget has also provided 50 billion towards the
National Investment and Infrastructure Fund, which would enable it to acquire
infrastructure assets.
The fund allocation for railways has also been revised,
increased by 14 percent with a higher focus on new line construction and
safety. Over 2,000 km rail network will be built under Kavach, the indigenous
world-class tech for safety and capacity augmentation in FY2023.
Moreover, in the road sector, capital outlay has been
increased in 2022-23. The Indian government is planning to raise over Rs 200
billion by innovative ways of financing including monetisation of national
highways through a combination of TOT and InvIT route along with funds to be
raised in the SPVs (Primarily the Delhi Mumbai Expressway).
The capital outlay in the metro segment is budgeted
marginally higher at Rs. 191 billion in FY 2023 vs Rs 190 billion in FY 2022.
Approx. 105 km of the new metro line and 17 km of the new regional rapid
transit system is planned to be completed in FY 2023.
The distribution of the Central Road and Infrastructure Fund
(CRIF) has also been tweaked with allocation to the Ministry of Road Transport
and Highways increasing to 44 percent in FY 2023 vs 36 percent in FY 2022.
So, what does it mean for students like you?
For students who want to make it big in the construction
sector, now is the time. The union budget has proved that the sector is being
backed by the government and conglomerates.
The sector is expanding but it faces a huge shortage of
competent manpower. The Indian construction industry employs around 51 million
power- the second-largest employer. It contributes around 9% to the nation’s
GDP.
Moreover, it creates more than 45 million jobs either
directly or indirectly. By the end of the current year, the Indian construction
sector is predicted to become the largest employer and set to employ over 76
million people from the current 60 million.
So there is no hesitation in saying that the sector has
career opportunities in volume and value. But it is also true that the way
forward for students aspiring to have high-paying careers in this field must
upskill and upgrade themselves. Individuals with in-depth knowledge, increased
use of tech and competency will stand a better chance where employability is
concerned.
Just the course for you
MBA in Construction Project Management- MBA inCPM from RICS SBE, Amity University will help you to excel as a project
manager. Lead teams of specialists including architects, electrical engineers,
structural engineers, experts, to name a few.
A construction project manager plans, executes, monitors, controls,
and delivers the project. RICS SBE students are prepared to play a key role
throughout the delivery process. MBA in CPM provides you with the expertise in
cutting-edge technology in these real-world projects:
•
Building information modelling
•
Artificial intelligence
•
Internet of things
•
Digital technologies
•
Big data analytics
•
3D printing
•
Cloud Computing
•
Business Development
•
Real Estate Development
•
Real Estate Marketing
•
Real Estate Valuation and Finance
•
Corporate Real Estate & Facilities Management
MBA in Real Estate & Urban Infrastructure- MBAin REUI from RICS SBE, Amity University helps in learning the business and
commercial aspects of the real estate and urban infrastructure sector by
combining the technical skills with business and commercial, transforming
students into potential business leaders.
RICS SBE graduates are well-trained to resolve real-world
issues by applying different business management aspects such as Strategy,
Marketing, Finance, Legal and Technical aspects, Taxation, Information
Technology and Human Resource Management.
MBA in Real Estate opens numerous job roles and career
opportunities in different functional areas such as:
•
Business and Strategy Development
•
Research and Consulting
•
Leasing and Letting
•
Design and Development Management
•
Regulation and Compliance
•
Transactions
•
Sales & Marketing
•
Customer Relationship Management
•
Land & Building Valuations
•
Corporate Finance and Capital Markets
•
Mortgage and Housing Finance
•
Investment Sales
•
Corporate Real Estate Asset Management
•
Facilities Management
About RICS SBE
It is evident from the budget for real estate 2022, students
entering the sector will have an advantage over others. And with a degree from
RICS SBE, nobody can dare compete with you. Associating with RICS means credibility
and excellence. Your qualification and competency will be kept over others and
respected by the industry. It is the first and the only institution in India to
provide dual accredited (RICS & PMI-GAC) degrees.
RICS School of Built Environment (RICS SBE), Amity
University is an industry-led academic institution that delivers specialized
undergraduate and postgraduate programs to students ambitious to work in the
real estate, construction and infrastructure sector. It also aids as a hub for
research and development of technical proficiency in a built environment.
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