Market Overview

The India commercial construction market stands as one of the most dynamic and rapidly expanding sectors in the global construction industry. This market encompasses the development of office buildings, retail spaces, hospitality facilities, healthcare infrastructure, and industrial complexes across the subcontinent. Market dynamics indicate sustained growth driven by urbanization, economic expansion, and government infrastructure initiatives.

Commercial construction activities in India have witnessed unprecedented momentum, particularly in metropolitan areas like Mumbai, Delhi, Bangalore, and Hyderabad. The sector benefits from favorable demographic trends, with a growing middle class and increasing foreign direct investment in commercial real estate. Construction technology adoption has accelerated, incorporating sustainable building practices and smart infrastructure solutions.

Regional distribution shows that approximately 45% of commercial construction activity concentrates in the top six metropolitan cities, while tier-2 and tier-3 cities are emerging as significant growth drivers. The market demonstrates resilience through diverse project types, from traditional office complexes to modern mixed-use developments that integrate retail, hospitality, and residential components.

Government initiatives such as Smart Cities Mission and Make in India have catalyzed commercial construction demand, creating opportunities for both domestic and international construction companies. The sector’s growth trajectory reflects India’s broader economic transformation and its positioning as a global business destination.

Meaning

The India commercial construction market refers to the comprehensive ecosystem of planning, designing, and building non-residential structures intended for business, commercial, and industrial purposes across the Indian subcontinent. This market encompasses all construction activities related to office buildings, shopping centers, hotels, hospitals, educational institutions, warehouses, and manufacturing facilities.

Commercial construction differs from residential construction in its complexity, scale, and regulatory requirements. Projects typically involve sophisticated engineering solutions, advanced building management systems, and compliance with commercial building codes. The market includes various stakeholders from developers and contractors to architects, engineers, and specialized subcontractors.

Market participants range from large multinational construction companies to regional contractors specializing in specific project types. The sector involves complex supply chains for materials, equipment, and specialized services, creating a vast network of interdependent businesses contributing to India’s economic growth.

Construction methodologies in this market have evolved to incorporate sustainable practices, energy-efficient designs, and technology-driven project management approaches. Modern commercial construction emphasizes green building certifications, smart building technologies, and flexible workspace designs that adapt to changing business requirements.

Executive Summary

India’s commercial construction market represents a cornerstone of the nation’s infrastructure development and economic growth strategy. The sector has demonstrated remarkable resilience and adaptability, particularly in response to changing workplace dynamics and technological advancement. Market expansion is driven by multiple converging factors including rapid urbanization, digital transformation, and increasing foreign investment in Indian commercial real estate.

Key growth drivers include the expansion of information technology services, e-commerce growth, and the development of manufacturing hubs under government initiatives. The market has shown approximately 12% annual growth in project value over recent years, with particularly strong performance in office space development and industrial construction segments.

Technological integration has become a defining characteristic of modern commercial construction projects in India. Building Information Modeling (BIM), prefabricated construction methods, and sustainable building practices are increasingly standard across major projects. The sector has embraced digitalization with 68% of major contractors now utilizing advanced project management software and IoT-enabled construction monitoring systems.

Regional development patterns show expanding opportunities beyond traditional metropolitan centers, with tier-2 cities contributing an increasing share of commercial construction activity. This geographic diversification reflects broader economic decentralization trends and government efforts to promote balanced regional development across India.

Key Market Insights

Commercial construction demand in India exhibits several distinctive characteristics that differentiate it from other emerging markets. The sector benefits from a unique combination of domestic economic growth and international business expansion, creating diverse project requirements and opportunities for specialized construction services.

1. Office Space Evolution: Modern office construction emphasizes flexible layouts, collaborative spaces, and integrated technology infrastructure to support hybrid work models
2. Retail Transformation: Shopping center construction increasingly focuses on experiential retail concepts combining entertainment, dining, and shopping in integrated developments
3. Industrial Modernization: Manufacturing facility construction incorporates Industry 4.0 technologies, automated systems, and sustainable production capabilities
4. Healthcare Infrastructure: Medical facility construction addresses growing healthcare demand with specialized equipment integration and infection control design features
5. Hospitality Development: Hotel and resort construction emphasizes unique design elements, sustainable practices, and technology-enhanced guest experiences
6. Educational Facilities: School and university construction integrates digital learning technologies, flexible classroom designs, and campus sustainability features
7. Mixed-Use Projects: Integrated developments combining multiple commercial functions optimize land use and create synergistic business environments
8. Green Building Adoption: Sustainable construction practices and environmental certifications become standard requirements for major commercial projects

Market segmentation reveals that office construction represents the largest segment, followed by retail and industrial projects. The sector demonstrates increasing sophistication in project delivery methods, with design-build and public-private partnership models gaining prominence for complex developments.

Market Drivers

Economic expansion serves as the primary catalyst for India’s commercial construction market growth. The country’s position as a global services hub, particularly in information technology and business process outsourcing, generates substantial demand for modern office infrastructure. GDP growth correlation with commercial construction activity demonstrates the sector’s fundamental connection to broader economic performance.

Urbanization trends create continuous demand for commercial infrastructure as rural populations migrate to cities seeking employment opportunities. This demographic shift requires expanded retail facilities, healthcare infrastructure, and educational institutions to serve growing urban populations. Urban population growth of approximately 2.4% annually directly translates to increased commercial construction requirements.

Foreign direct investment in various sectors necessitates world-class commercial facilities that meet international standards. Multinational corporations establishing operations in India require sophisticated office spaces, manufacturing facilities, and logistics infrastructure. This demand drives construction of premium commercial projects with advanced building systems and sustainable design features.

Government infrastructure initiatives provide significant momentum through policy support and direct investment in commercial development projects. Smart Cities Mission, Industrial Corridor Development, and Special Economic Zone expansion create frameworks for large-scale commercial construction projects. These initiatives often involve public-private partnerships that leverage private sector expertise in commercial construction delivery.

Technology sector growth generates specialized construction demand for data centers, research facilities, and modern office campuses designed for technology companies. The sector’s expansion requires construction expertise in specialized building systems, security infrastructure, and flexible space design that accommodates rapid business growth and changing technology requirements.

Market Restraints

Regulatory complexity presents significant challenges for commercial construction projects in India. Multiple approval processes across different government levels can extend project timelines and increase development costs. Compliance requirements vary significantly between states and municipalities, creating complexity for construction companies operating across multiple regions.

Land acquisition difficulties constrain commercial construction development, particularly in prime urban locations. High land costs, complex ownership structures, and lengthy acquisition processes can significantly impact project feasibility. Land availability in major metropolitan areas remains limited, forcing developers to consider alternative locations or innovative development approaches.

Skilled labor shortages affect construction project delivery timelines and quality standards. The commercial construction sector requires specialized trades and technical expertise that may not be readily available in all regions. Labor productivity challenges can impact project costs and completion schedules, particularly for complex commercial developments requiring advanced construction techniques.

Material cost volatility creates project budget uncertainties and can affect construction profitability. Steel, cement, and other key construction materials experience price fluctuations that can significantly impact large commercial projects. Supply chain disruptions occasionally affect material availability and project scheduling, requiring flexible procurement strategies and inventory management.

Environmental compliance requirements add complexity and cost to commercial construction projects. Increasingly stringent environmental regulations, pollution control measures, and sustainability requirements necessitate specialized expertise and additional project investment. Environmental clearance processes can extend project approval timelines and require ongoing compliance monitoring throughout construction phases.

Market Opportunities

Sustainable construction presents substantial growth opportunities as environmental consciousness increases among commercial property developers and occupants. Green building certifications, energy-efficient systems, and sustainable material usage create differentiated market positioning for construction companies with specialized expertise. LEED certification demand has grown by approximately 35% annually in recent years.

Smart building technologies offer opportunities for construction companies to develop expertise in integrated building management systems, IoT infrastructure, and automated building operations. Commercial clients increasingly demand intelligent buildings that optimize energy usage, enhance occupant comfort, and provide operational efficiency through technology integration.

Tier-2 and tier-3 city development creates new market opportunities as businesses expand beyond traditional metropolitan centers. These emerging markets often offer more favorable development conditions, lower land costs, and government incentives for commercial construction projects. Regional expansion strategies can provide construction companies with diversified revenue streams and reduced market concentration risk.

Industrial construction growth driven by manufacturing sector expansion offers specialized opportunities for construction companies with industrial expertise. Government initiatives promoting domestic manufacturing create demand for modern production facilities, logistics centers, and supporting commercial infrastructure. Manufacturing investment growth creates sustained demand for industrial construction services.

Healthcare infrastructure development presents opportunities as India addresses healthcare capacity expansion needs. Hospital construction, medical office buildings, and specialized healthcare facilities require unique construction expertise and offer stable, long-term project opportunities. Healthcare spending increases create sustained demand for medical facility construction and renovation projects.

Market Dynamics

Supply and demand equilibrium in India’s commercial construction market reflects complex interactions between economic growth, real estate development cycles, and infrastructure investment patterns. Market dynamics demonstrate cyclical patterns influenced by economic conditions, government policy changes, and global business investment trends affecting commercial real estate demand.

Construction technology adoption accelerates market transformation through improved project delivery methods, enhanced quality control, and reduced construction timelines. Digital technologies including Building Information Modeling, drone surveying, and automated equipment operation increase construction efficiency and project predictability. Technology integration rates show approximately 25% annual growth in adoption across major commercial projects.

Competitive landscape evolution shows increasing consolidation among large construction companies while creating opportunities for specialized contractors in niche market segments. International construction companies entering the Indian market bring advanced technologies and project management expertise, elevating industry standards and competitive requirements.

Financial market conditions significantly influence commercial construction activity through construction financing availability, real estate investment patterns, and development project feasibility. Interest rate changes, credit availability, and investment fund activity directly impact commercial construction project initiation and completion rates.

Regulatory environment changes create both challenges and opportunities for commercial construction companies. Policy reforms aimed at improving ease of doing business, streamlining approval processes, and promoting sustainable development practices reshape market operating conditions and competitive advantages.

Research Methodology

Market analysis for India’s commercial construction sector employs comprehensive research methodologies combining quantitative data analysis with qualitative industry insights. Primary research includes extensive interviews with construction company executives, real estate developers, government officials, and industry experts to understand market trends, challenges, and opportunities.

Data collection encompasses multiple sources including government construction statistics, industry association reports, company financial disclosures, and project database analysis. Secondary research involves systematic review of construction industry publications, economic reports, and regulatory documentation to establish comprehensive market understanding.

Statistical analysis utilizes advanced econometric models to identify market trends, growth patterns, and correlation factors affecting commercial construction activity. Quantitative methods include time series analysis, regression modeling, and comparative analysis across different market segments and geographic regions.

Market validation processes involve cross-referencing multiple data sources, expert opinion verification, and trend analysis consistency checks to ensure research accuracy and reliability. Quality assurance protocols include peer review processes and industry expert validation of key findings and market projections.

Forecasting methodologies combine historical trend analysis with forward-looking economic indicators, policy impact assessments, and industry development projections. Predictive modeling incorporates multiple scenario analyses to account for various economic and policy conditions that could affect market development trajectories.

Regional Analysis

Northern India commercial construction market centers around Delhi NCR, which accounts for approximately 28% of national commercial construction activity. The region benefits from government presence, corporate headquarters concentration, and infrastructure development initiatives. Office construction dominates the segment, with significant retail and hospitality development supporting the region’s economic growth.

Western India represents the largest regional market, with Mumbai and Pune driving substantial commercial construction demand. The region’s established financial services sector, manufacturing base, and port infrastructure create diverse construction opportunities. Industrial construction particularly strong in Maharashtra and Gujarat, supported by automotive, chemical, and textile industries.

Southern India demonstrates rapid growth led by Bangalore, Hyderabad, and Chennai technology hubs. The region’s information technology sector expansion drives office construction demand, while healthcare and educational infrastructure development creates additional opportunities. Technology park construction represents a specialized segment with significant growth potential.

Eastern India shows emerging opportunities as economic development initiatives gain momentum. Kolkata serves as the regional commercial center, with increasing industrial construction activity in West Bengal and Odisha. Infrastructure development projects create foundation for expanded commercial construction activity in the region.

Central India benefits from strategic location advantages and government development initiatives promoting industrial growth. States like Madhya Pradesh and Chhattisgarh offer opportunities for manufacturing facility construction and supporting commercial infrastructure. Logistics infrastructure development creates demand for warehouse and distribution center construction projects.

Competitive Landscape

Market leadership in India’s commercial construction sector includes both domestic construction giants and international companies with significant local operations. The competitive environment demonstrates increasing sophistication in project delivery capabilities, technology adoption, and specialized expertise development.

1. Larsen & Toubro – Dominant market position with comprehensive construction capabilities across all commercial segments and strong engineering expertise
2. Shapoorji Pallonji Group – Established leader in complex commercial projects with notable landmark developments and international project experience
3. Godrej Construction – Specialized focus on sustainable construction practices and green building development with strong market reputation
4. Tata Projects – Advanced technology integration and industrial construction expertise with significant infrastructure project portfolio
5. Hindustan Construction Company – Long-established market presence with diverse commercial construction experience and government project expertise
6. Sobha Limited – Premium commercial construction focus with emphasis on quality and innovative design solutions
7. NCC Limited – Strong regional presence with expertise in government and private commercial construction projects
8. Punj Lloyd – Specialized industrial and infrastructure construction capabilities with international project experience

Competitive differentiation increasingly focuses on technology adoption, sustainable construction practices, and specialized expertise in complex commercial projects. Companies invest in advanced construction equipment, digital project management systems, and skilled workforce development to maintain competitive advantages.

Market consolidation trends show larger construction companies acquiring specialized contractors and expanding service capabilities through strategic partnerships. This consolidation creates more comprehensive service offerings while maintaining opportunities for niche specialists in specific construction segments.

Segmentation

By Project Type: The commercial construction market segments into distinct categories based on end-use applications and construction requirements. Office buildings represent the largest segment, encompassing corporate headquarters, business parks, and co-working spaces. Retail construction includes shopping malls, standalone stores, and mixed-use retail developments.

By Construction Method: Traditional construction methods compete with modern approaches including prefabricated construction, modular building systems, and sustainable construction techniques. Conventional construction remains dominant for complex commercial projects, while prefabricated methods gain adoption for standardized building components and faster project delivery.

By End-User Industry: Commercial construction serves diverse industry sectors with specific requirements and design standards. Information technology companies require specialized office environments with advanced infrastructure, while manufacturing industries need industrial facilities with specific operational requirements and regulatory compliance features.

By Project Scale: Market segmentation includes large-scale developments, medium-sized commercial projects, and smaller specialized construction projects. Mega projects typically involve integrated development approaches, while smaller projects allow for specialized contractor participation and niche market opportunities.

By Geographic Region: Regional segmentation reflects varying market conditions, regulatory environments, and economic development levels across different Indian states and territories. Metropolitan markets offer established commercial construction opportunities, while emerging regions present growth potential with different risk and opportunity profiles.

Category-wise Insights

Office Construction: This category dominates commercial construction activity with approximately 42% market share across India. Modern office construction emphasizes flexible workspace design, technology integration, and sustainable building practices. Co-working spaces represent a growing subcategory requiring specialized design approaches and flexible infrastructure systems.

Retail Construction: Shopping center and retail facility construction adapts to changing consumer behavior and e-commerce integration. Experiential retail concepts drive construction demand for entertainment-integrated shopping centers, while omnichannel retail requires flexible spaces accommodating both traditional retail and digital commerce fulfillment.

Industrial Construction: Manufacturing facility construction benefits from government initiatives promoting domestic production and export competitiveness. Smart manufacturing facilities require advanced building systems, automated material handling, and integrated quality control infrastructure. Pharmaceutical manufacturing represents a specialized high-growth subcategory with stringent regulatory requirements.

Healthcare Construction: Medical facility construction addresses India’s healthcare infrastructure expansion needs with specialized requirements for infection control, medical equipment integration, and regulatory compliance. Hospital construction requires expertise in complex building systems, while outpatient facilities offer opportunities for standardized construction approaches.

Hospitality Construction: Hotel and resort construction emphasizes unique design elements, guest experience optimization, and operational efficiency. Business hotels focus on technology integration and flexible meeting spaces, while leisure properties emphasize experiential design and sustainable tourism practices.

Key Benefits for Industry Participants and Stakeholders

Construction Companies benefit from diverse project opportunities, technological advancement adoption, and market expansion possibilities across multiple commercial segments. Revenue diversification through different project types reduces market risk while specialized expertise development creates competitive advantages and premium pricing opportunities.

Real Estate Developers gain access to experienced construction partners capable of delivering complex commercial projects within budget and timeline constraints. Quality construction enhances property values and tenant satisfaction, while sustainable building practices improve long-term operational efficiency and market positioning.

Commercial Property Investors benefit from professional construction standards that ensure asset quality, operational efficiency, and long-term value preservation. Modern construction practices reduce maintenance costs and enhance property performance, while green building features attract premium tenants and improve investment returns.

End-User Businesses receive commercial facilities designed for operational efficiency, employee productivity, and business growth accommodation. Custom construction solutions address specific industry requirements, while modern building systems provide cost-effective operations and flexible space utilization options.

Government Entities achieve infrastructure development objectives through private sector construction expertise and investment. Public-private partnerships leverage construction industry capabilities for large-scale commercial infrastructure projects, while regulatory compliance ensures safety and environmental standards.

Local Communities benefit from employment generation, economic development, and improved commercial infrastructure serving local business needs. Construction activities create direct and indirect employment opportunities while completed projects enhance local economic development and service availability.

SWOT Analysis

Strengths:

• Large Domestic Market: India’s substantial economy and growing business sector provide extensive commercial construction opportunities
• Cost Competitiveness: Competitive labor costs and local material availability create favorable project economics
• Technical Expertise: Established construction industry with experienced professionals and proven project delivery capabilities
• Government Support: Policy initiatives and infrastructure investment programs support commercial construction growth

Weaknesses:

• Regulatory Complexity: Multiple approval processes and varying state regulations create project delays and increased costs
• Infrastructure Limitations: Transportation and utility infrastructure constraints affect project logistics and operations
• Skilled Labor Gaps: Shortage of specialized construction trades and technical expertise in emerging technologies
• Financial Market Volatility: Construction financing availability and cost fluctuations impact project feasibility

Opportunities:

• Technology Integration: Advanced construction technologies and digital project management create efficiency improvements
• Sustainable Construction: Growing demand for green buildings and environmental compliance creates market differentiation
• Regional Expansion: Tier-2 and tier-3 city development offers new market opportunities with favorable conditions
• Industrial Growth: Manufacturing sector expansion drives demand for specialized industrial construction services

Threats:

• Economic Volatility: Economic downturns and business investment reductions directly impact commercial construction demand
• Material Cost Inflation: Rising construction material costs affect project profitability and market competitiveness
• Environmental Regulations: Increasingly stringent environmental requirements add complexity and cost to projects
• International Competition: Foreign construction companies entering the market create competitive pressure on domestic firms

Market Key Trends

Sustainable Construction Practices have become mainstream requirements rather than optional features in commercial construction projects. Green building certifications are increasingly standard for major commercial developments, with approximately 58% of new office projects pursuing environmental certification. This trend drives adoption of energy-efficient building systems, sustainable materials, and water conservation technologies.

Smart Building Integration represents a fundamental shift toward technology-enabled commercial facilities that optimize operations, enhance occupant experience, and reduce operational costs. IoT sensors, automated building management systems, and data analytics platforms become standard features in modern commercial construction projects, creating new expertise requirements for construction companies.

Flexible Workspace Design reflects changing work patterns and business requirements for adaptable commercial spaces. Hybrid work models drive demand for office construction that accommodates various work styles, collaboration needs, and technology integration requirements. This trend influences space planning, infrastructure design, and building system specifications.

Prefabricated Construction Methods gain adoption for their efficiency, quality control, and reduced construction timelines. Modular construction techniques particularly suitable for standardized commercial building components, while maintaining design flexibility for unique project requirements. This trend requires investment in specialized manufacturing facilities and supply chain development.

Mixed-Use Development becomes increasingly popular as developers seek to optimize land use and create synergistic commercial environments. Integrated projects combining office, retail, hospitality, and residential components require sophisticated construction coordination and specialized expertise in multiple building types within single developments.

Key Industry Developments

Technology Adoption Acceleration has transformed commercial construction project delivery through digital tools and advanced equipment. Building Information Modeling adoption reached approximately 72% among major contractors, enabling improved project coordination, cost control, and quality management. MarkWide Research analysis indicates that technology integration significantly improves project delivery timelines and reduces cost overruns.

Regulatory Reforms aimed at streamlining approval processes and improving ease of doing business create more favorable conditions for commercial construction projects. Single-window clearance systems and digitized approval processes reduce project initiation timelines and administrative costs, particularly benefiting large-scale commercial developments.

Sustainability Standards Evolution drives industry-wide adoption of environmental best practices and green building technologies. Energy efficiency requirements become mandatory for commercial buildings in major cities, while water conservation and waste management standards influence construction methods and material selection.

International Collaboration increases as Indian construction companies partner with global firms to access advanced technologies and expertise. Joint ventures and technology transfer agreements enable domestic companies to enhance capabilities while international firms gain market access and local expertise.

Workforce Development Initiatives address skilled labor shortages through training programs, certification systems, and technology-enhanced construction methods. Skill development programs focus on modern construction techniques, safety practices, and technology operation to support industry growth and quality improvement.

Analyst Suggestions

Strategic Focus Areas for commercial construction companies should emphasize technology adoption, sustainable construction expertise, and regional market expansion. Investment priorities should include digital project management systems, green building capabilities, and specialized equipment that enhances construction efficiency and quality standards.

Market Positioning strategies should leverage specialized expertise in high-growth segments such as healthcare, technology facilities, and sustainable construction. Differentiation approaches through advanced construction methods, quality certifications, and proven project delivery capabilities create competitive advantages in premium market segments.

Partnership Development with technology providers, material suppliers, and international construction firms can enhance capabilities and market reach. Strategic alliances enable access to advanced construction technologies, specialized expertise, and new market opportunities while sharing investment requirements and market risks.

Geographic Expansion into tier-2 and tier-3 cities offers growth opportunities with potentially favorable market conditions and government incentives. Regional strategies should consider local market conditions, regulatory environments, and competition levels while building local partnerships and expertise.

Sustainability Integration should become core business strategy rather than optional service offering, given increasing client requirements and regulatory trends. Green building expertise development creates market differentiation and positions companies for long-term growth in environmentally conscious commercial construction markets.

Future Outlook

Market growth prospects for India’s commercial construction sector remain robust, supported by continued economic expansion, urbanization trends, and infrastructure development initiatives. Long-term projections indicate sustained growth across multiple commercial construction segments, with particularly strong performance expected in technology facilities, healthcare infrastructure, and sustainable building projects.

Technology transformation will continue reshaping commercial construction through advanced automation, artificial intelligence applications, and integrated building systems. Digital construction methods including robotics, 3D printing, and automated equipment operation are expected to gain broader adoption, requiring workforce development and capital investment by construction companies.

Sustainability requirements will become increasingly stringent, driving innovation in construction materials, building systems, and project delivery methods. Carbon neutrality goals and environmental regulations will influence construction practices, creating opportunities for companies with advanced sustainable construction capabilities and green building expertise.

Regional development patterns suggest expanding opportunities beyond traditional metropolitan centers as economic growth spreads to smaller cities and industrial regions. Infrastructure investment in transportation, utilities, and telecommunications will support commercial construction growth in emerging markets across India.

Industry consolidation trends may accelerate as larger construction companies seek to enhance capabilities through acquisitions and strategic partnerships. Market evolution toward more sophisticated project delivery methods and specialized expertise requirements will favor companies with advanced capabilities and strong financial resources. According to MWR projections, the sector is expected to maintain strong growth momentum with increasing emphasis on quality, sustainability, and technology integration.

Conclusion

India’s commercial construction market represents a dynamic and rapidly evolving sector with substantial growth potential driven by economic expansion, urbanization, and technological advancement. The market demonstrates resilience through diverse project types, geographic distribution, and increasing sophistication in construction methods and project delivery approaches.

Key success factors for market participants include technology adoption, sustainable construction expertise, and strategic positioning in high-growth segments such as office construction, healthcare facilities, and industrial projects. The sector’s evolution toward smart buildings, green construction practices, and integrated development approaches creates opportunities for companies with specialized capabilities and forward-thinking strategies.

Market challenges including regulatory complexity, skilled labor shortages, and material cost volatility require strategic management and operational excellence. However, government initiatives, infrastructure investment, and favorable demographic trends provide strong fundamental support for continued market growth and development.

Future prospects remain positive as India’s commercial construction market continues benefiting from economic growth, business expansion, and infrastructure modernization requirements. Companies that successfully navigate market challenges while capitalizing on technology trends, sustainability requirements, and regional expansion opportunities are well-positioned for long-term success in this dynamic and important sector of India’s economy.