Corporates feel India is still far from being a 'developed nation': Survey

MUMBAI: A

CBRE

survey released on Wednesday said 75% corporates feel India is still far from being a "developed nation". More than 90% of respondents acknowledged that construction industry plays an important role in the growth & development of a country. About 60% respondents feel that India will be ‘developed’ in less than 15 years. The survey which included over 100 top corporates in the country and over 500 respondents was conducted by the

Project Management

group of CBRE. The survey was conducted to gauge the progress made in the development of Indian construction/infrastructure industry.

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, Chairman –India & South East Asia, CBRE said, “India has emerged as the fastest growing major economy in the world and is exhibiting a high GDP growth rate of approximately 7%. We are listed in the top five most attractive destinations for FDI and not only this, India is expected to be one of the youngest countries in the World by 2020.”

“As a part of the infrastructure industry

Real Estate

and construction have major impact on the development of an economy. The investor sentiment is positive and we are certain that Real Estate in India will continue to be a huge contributor towards “Building India”, he added.

The survey revealed that more than 85% of the respondents agree that Indian construction industry still needs to adapt to international standards on planning & delivering projects. Dominating factors being lack of governance and implementation of existing policies, lack of investments into research & development, and no incentives to adapt new techniques & technologies.

More than 80% agree that Indian construction industry needs to become an organized sector to increase the rate of development in India. 2/3rd of the respondents agree that most of the construction companies lack the management skills to understand and improve the process of development. 2/3rd agree on a severe shortage of skilled workforce at all levels.

More than half the respondents agree that there is an immediate need for public and private investment for vocational training for meeting a skilled construction workforce.