India is experiencing a construction boom and is forecast to see annual growth in its construction sector of 8% to 11% in 2023 and 2024. Ten years ago, the majority of major US & European industrial / manufacturing companies were directing their CAPEX capital investments into China. However, with all the recent political posturing, territorial disputes, and COVID-related shutdown issues, China has experienced a slowdown in capital investment.

We are seeing more US and Western European capital investment shifting into India. India is now viewed as the place to build new manufacturing / production facilities by many large international companies.

India is set to overtake China as the world’s most populated country in 2023, with a population of 1.425 billion. India is attempting to pull ahead of China and become the world’s lowcost manufacturing center in the next (5) years. Numerous new infrastructure, manufacturing facilities & commercial/residential type construction projects in the pipeline will be constructed in India in the next couple of years. India’s construction costs are 60% to 70% lower than North American & European costs. The following is a listing of Indian labor rates that might give some insight into why many large companies are interested in India.