According to the latest IMF ‘World Economic Outlook’ report, India is expected to bounce back with an impressive 8.8 percent growth rate in 2021, thus recapturing the position of the fastest growing emerging economy by surpassing the forecasted growth 8.2 percent rate of China.

For Indians, this sounds encouraging, not because we are surpassing some other countries’ growth rate but the Country and its people have a chance to bounce back and the Indian people are in a positive state of mind.

Nomura has turned positive on India’s cyclical outlook for 2021, and considers that the country is on the cusp of a cyclical recovery.

Governments focus on infrastructure development has given a good projection to supply to the pent-up demand of residential, commercial, data centers, and warehousing projects.

The engineering services in Asia Pacific market is expected to register a CAGR of 8% during the forecast period, 2020-2025. With the efforts of construction industry moving more towards growing as an organized structure, there has been a positive change in the shift of focus of developers towards delivering quality verses quick completion of projects.

The future of engineering and construction industry is to adapt to new business models and shift towards digital transformation to improve operational efficiencies. We will be witnessing a rising trend of Outsourcing of engineering services to professional consultancies for easy and direct access to the skilled talent. The focus will be to gain a competitive advantage so that owners can focus on driving business.

With a positive cheer, we hope to see major growth in order books and see many new project launches in the infrastructure as well as the real estate sector in the coming year.

On behalf of the entire team at GEM Engserv, we wish you a very happy and prosperous new year 2021.