ECONOMICOUTLOOK
Untapped potential
five years, driven by India’s IT industry. Demand
from this sector will wane over the forecast, but
anticipated growth in financial and business
services will drive continued growth.The forecast
forgrowth in industrial structuresdoeshingeupon
market reforms to boost India’s manufacturing
industries and export competitiveness. Reforms
have already been partially implemented for
some commercial categories, notably retail trade.
system requires significant investment, and the
BJP has also begun to address this need. New
investment in rural communities will also offer
improved access tohealth care.
India’s outlook is much improved from a year
ago. Low inflation and falling oil prices allow
for interest rate cuts, while government policy is
increasingly pro-investment and infrastructure
spending has become aggressive. The challenge
for India is to capitalise on this opportunity and
return tobeing a high growth economy.
iC
IHSGlobal Insight
Recognised as themost consistently accurate
forecasting company in theworld, IHS Global
Insight has over 3,800 clients in industry, finance,
and government with revenues in excess of
US$ 80million, 5,100 employees and 50 offices
around theworld in 30 countries. 80% of Fortune
500 companies are customers of IHS Global Insight.
■
For more information onmatters discussed in
this article or Global Insights’ services, visit
or contact Scott Hazelton
in the US on+1 781 301 9044 or at
While commercial growth features the strongest
turnaround over the forecast, this is among the
safest projections of any structure type.
Infrastructure has been the second strongest
performing segment over the past five years, and
it will be the strongest over the forecast. The
Modi government understands that this is critical
to growth and has created the incentives and
proposed the spending tomeet the need.
Similar logic holds for institutional spending.
For India to realise its potential, the education
Construction growth trends
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international
construction
april 2015
22
2012
2013
2014
2015
2016
2017
Residential
Transportation
Energy
Structures
16%
14%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
