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Tuesday, July 23, 2024

How the Indian infrastructure sector has a $1.3 trillion potential for Engineering Consultants

India’s infrastructure sector is crucial for its economic growth and population expansion. The National Infrastructure Pipeline (NIP) is implementing major initiatives to construct a sustainable world-class infrastructure…

Infrastructure is a significant engine of India’s ambitious growth story and economy. Roads, railroads, aircraft, and ports are needed to support India’s population growth and economic development. Years of government attention on infrastructure have grown tremendously.

India needs better infrastructure to reach its 5-trillion-dollar economic development goal by 2025. Because the country’s development depends on its infrastructure, the government has enacted realistic measures to establish a sustainable world-class infrastructure.. Transport, power, bridges, dams, roads, smart city development, water, and other public utilities are typical components of India’s infrastructure industry.

The National Infrastructure Pipeline (NIP) is implementing a number of significant projects costing approximately Rs. 108 trillion. The government’s emphasis on developing future infrastructure is clear from the different programs introduced recently. Gati Shakti, the US$1.3 trillion national master plan for infrastructure, has been a leader in bringing systematic and comprehensive reforms to the infrastructure industry. The government has put aside Rs 111 crore under the National Infrastructure Pipeline (NIP) for FY2019 – 25, with energy, roads, urban, and railroads accounting for 71% of the anticipated infrastructure expenditure. Furthermore, the online “holistic governance” system – PM Gati Shakti – connects 16 ministries, including Roads and Highways, Railways, Shipping, Petroleum and Gas, Power, Telecom, Shipping, and Aviation, with the goal of ensuring holistic planning and execution of infrastructure projects while lowering implementation costs.

PM Gati Shakti’s initiative will allow numerous government ministries to coordinate their efforts into a multi-modal network. Several other government efforts, such as the Asset Monetization Scheme and New Procurement Guidelines, are also actively driving the Indian infrastructure sector in the correct direction. With this growing emphasis on the infrastructure sector, one of the numerous consultation areas, Engineering consultation Services, would see tremendous demand, particularly in developing countries like India.

The government’s emphasis on self-reliance, or aatmanirbharata, in the country’s socioeconomic growth has helped India to attract versatile people with experience and skills across a broad and diverse range of skill sets.

As the name implies, engineering and technical consultancy services encompass a wide range of premium services classified as pre-project, project execution, and post-project, broadly encompassing functions such as project identification/evaluation; environmental impact assessment, technology development/sourcing; preparation of feasibility reports, market studies; designing of projects, equipment procurement and erection; engineering design services, and project management. Specialists with experience and expertise are necessary to provide long-term solutions to India’s infrastructure demands.

The need for services is predicted to rise in India, boosting the growth of the consulting industry. As we all know, innovation promotes economic growth, and it includes both “new to the world” information generation and commercialization and “new to the market” knowledge dissemination and absorption. While ‘innovation’ means abandoning traditional ways in favor of more feasible and successful modern solutions, many practicing professionals, including consultants, must be upskilled to meet changing expectations.

To address many of the current and impending domestic and global challenges, such as climate change, energy intensity of the economy, effective and efficient infrastructure, in line with the increased rate of urbanization in developing countries, the infrastructure industry must place innovation at the heart of its future development goals. As India’s infrastructure sector expands, there is a greater demand for numerous new technologies in the ever-expanding Construction business. Many of these technologies are being developed in-house or acquired from other countries. As a result, the scope and responsibilities of engineering consultants are expanding dramatically.

The mission of Smart Cities is to create economic growth and improve people’s quality of life by enabling local area development and utilizing technology, particularly technology that leads to Smart results. Green buildings are in high demand as sustainability and environmentally friendly development become more important. Many international standards for green buildings have been developed. In India, however, the country now has over 20 million square feet of green buildings, up from only 20000 square feet in 2003. A comprehensive green building code is now required. The Green Building Code in India is a conglomeration of codes and standards found in state bylaws, the National Building Code, the Energy Conservation Building Code (ECBC), and the norms established by rating programs such as Leadership in Energy and Environmental Design-India (LEED-India), the standards and guidelines established by the Indian Green Building Council (IGBC), TERI-GRIHA, and other such certifications.

The government’s Jal Jeevan Mission aims to deliver clean and adequate drinking water to all rural Indian homes by 2024 via individual household tap connections. Engineering consultancy services will be in high demand here as well. Engineering consultants’ workloads will be significant in all construction areas, including smart cities, smart mobility, healthcare, power, water, bridges, infrastructure, and safety-related services, among others.

The Indian government recently reviewed infrastructure projects and announced numerous new projects that will generate new challenges and opportunities for consultants and engineers to work on, bringing in stellar innovations and creativity.

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