INDIA SET TO OVERTAKE JAPAN IN INFRASTRUCTURE BY 2023
NEW DELHI: With large residential and non-residential projects in the pipeline, the Indian infrastructure market is forecast to overtake Japan's in next five years. India's infrastructure market is the third-largest in Asia, and the forecast is that it will overtake Japan's in nominal value terms by 2023.
The Government has initiated several programs aimed at improving logistics, and building affordable housing, which will contribute to growth in the construction industry over the next 10 years. Reforms to foreign investment laws under Make in India initiative have made it easier for international companies to invest and participate in India's infrastructure projects. The infrastructure market remains dominated by domestic companies, which have significant home market advantages, owing to their experience with the complex regulatory environment in India.