Parents of the mentees frequently inquire about the most suitable course to ensure their children's job security. With a population of over 1.44 billion people, India prioritizes basic human needs such as food, clothing, and housing (known as Roti, Kapada, and Makan). Let's examine the current status of the housing sector and the prospects within it.
In 2021, India was home to 302.4 million households. This figure marked a 1.8% increase from the previous year. Over the span from 2010 to 2021, there was a 24.3% rise in the number of households. The year 2021 saw the highest count of households, while 2010 had the lowest within this period. The term 'number of households' denotes the aggregate of households within a nation, where a household comprises individuals living together, often pooling their incomes and expenses, and jointly consuming certain goods and services, predominantly food and housing.
By 2040, it is estimated that the number of households will increase to 320 million, with approximately 130 million (40%) being urban households. This indicates a growing market where the demand for new households is expected to rise, particularly in urban areas of India. In 2020, 30 million households in urban India were renting as they did not own a home. Additionally, there will be a need for 35 million new homes to be built in the next twenty years to meet the increasing demand. This indicates that urban India will see the addition of 65 million new homes by 2040, catering to the market of households aspiring to become homeowners over the next 15-20 years.
How the household incomes support this?
In the fiscal year 2021, the majority of Indian households were classified as aspirers, earning between 125,000 and 500,000 Indian rupees annually. On the other hand, about three per cent of households fell into the rich category, with annual earnings exceeding 3 million rupees. The middle class experienced substantial growth, surpassing 14 per cent in the fiscal year 2005.
Looking Ahead
In the upcoming 15 to 20 years, the construction industry will face a significant demand for skilled professionals to build houses and infrastructure. This demand will span across various roles such as construction workers, builders, design engineers, architects, town planners, material suppliers, and more. While the advancements in technology, particularly in computer science engineering, are reshaping many industries, the traditional skills and expertise in construction will remain crucial. Construction workers will continue to be the backbone of the industry, executing the physical labour required to bring architectural plans to life. Builders will oversee the construction process, ensuring that projects are completed efficiently and according to specifications. Design engineers will play a key role in creating innovative and sustainable building designs that meet the evolving needs of society. Architects will be responsible for conceptualizing and designing structures that are both functional and aesthetically pleasing. Town planners will focus on creating sustainable and well-designed communities that prioritize factors such as transportation, infrastructure, and environmental impact. Material suppliers will continue to provide the essential resources needed for construction projects to proceed smoothly. While computer science engineers bring valuable expertise in areas such as building information modelling (BIM) and automation, the collaborative effort of all these professionals will be essential to meet the future demands of the construction industry. The synergy between traditional skills and modern technologies will drive innovation and efficiency in the construction of houses and infrastructure in the years to come.
While the glamour of AI and the Computer Science world may attract youngsters and their parents, the need for functional experts in each area will continue to remain relevant in the decades to come. What is most important is to focus on what you like and not what others want you to like.
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