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Union Minister for Housing and Urban Affairs, Hardeep activity and a 10 percent expansion of the construction sector.
Singh Puri, has suggested that next year the country is set The previous two quarters' GDP growth rates were also
to become the third-largest construction market globally after revised up to 8.2 percent for April-June, from 7.8 percent,
China and the US. and to 8.1 percent for July-September, from 7.6 percent.

It has been estimated that the industry could grow to
US$1.4 trillion by 2025. In the 2023 July to September quarter, VIETNAM
construction expanded 13 percent year-on-year, marking its Wood and wood product trade highlights
best performance in the last five quarters. Customs data shows that in April 2024 W&WP exports
The impressive growth has been attributed to higher and reached US$1.3 billion, up 0.2 percent compared to March
rising incomes, a significant housing shortage in major cities, 2024 and up 19 percent compared to April 2023.
population growth and robust government expenditure on WP exports accounted for US$893 million, up 0.7 percent
infrastructure development. compared to March 2024 and up 141 percent compared to
The construction industry in India comprises two main April 2023.

segments, real estate and urban development. Within the In the first four months of 2024, W&WP exports earned
real estate segment there are residential, office, retail, hotel US$4.8 billion, up 24 percent over the same period in 2023.
and leisure projects. WP exports alone, contributed US$3.3 billion, up 26 percent
The urban development segment encompasses sub- over the same period in 2023.
sectors, including water supply, sanitation, urban transport, Vietnam's W&WP imports in April 2024 amounted to
schools and healthcare facilities. US$265 million, up 37 percent compared to March 2024
In the 2024-2025 budget announcement, The Minister of and up 57 percent compared to April 2023.

finance, Nirmala Sitharaman, announced an allocation of Rs In the first four months of 2024, W&WP imports were
11.11 lakh crore (US$134 billion) for infrastructure development valued at US$801 million, up 26 percent over the same
worth 3.4 percent of the GDP. This was up from Rs 10 lakh period in 2023.
crore in 2023-24. Vietnam's imports of logs and sawnwood in April 2024
Infrastructure development is also one of the leading reached at 498,200 cubic metres worth US$166.9 million,
recipients of foreign direct investment (FDI) occupying sixth up 38 percent in volume and 37 percent in value compared
place overall and has attracted over US$32 billion since 2000. to March 2024.
The Real Estate sector boasts of connections with over Compared to April 2023, imports of logs and sawnwood
250 ancillary industries and provides employment for more rose 50 percent in volume and 39 percent in value. The

than 18 percent of the workforce.
In related news, the government has reported that
GDP expanded 8.4 percent in the October to December Robert Larsson
quarter thanks to brisk manufacturing and construction. The
government also revised up its GDP growth forecast for the
year ending in March 2024 to 7.6 percent, from its January
projection of 7.3 percent.

The third-quarter GDP number was the highest in six
quarters and was the result of 12 percent rise in manufacturing