According to a survey of the building and construction sector carried out by IndiaMART Knowledge Services, a majority of SMEs (Small and Medium Enterprises) in the building and construction sector are upbeat about the future and are looking to expand their business. A thriving infrastructure and real estate sector is the main reason for the growth of SMEs in the building and construction industry.
A large percentage of survey respondents (62.1%) had high expectations of market growth for the next quarter, while 19.7% had low expectations and 18.1% felt there would be no change. While 76.7% plan to increase their production capacity, only 23.2% said that they did not plan to do so.
Highlights of IndiaMART Survey..!
# An overwhelming 91% felt that working closely with customers can help them counter challenges and gain a competitive edge, while only 9.1% felt otherwise. About 87.8% of the survey respondents revealed that offering innovative products could give them an edge over competitors, whereas 12.2% did not agree.
# About 70.6 % of the SMEs wanted to expand their employee base, while 29.5% said that they were not looking to increase employee numbers.
# More than half of the respondents (54.6%) said that they were planning to increase the number of offices, but 45.5% did not plan to do so.
# The majority of SMEs in the building and construction industry have seen growth, they still continue to reel under different challenges which include poor infrastructure, unskilled manpower, inadequate finance and absence of technology, among others.
# Finding unskilled manpower was identified as one of the most difficult challenges by 62.6% of the survey participants.
# Nearly 54.5% agreed that lack of availability of finance was a major difficulty. The SMEs also identified poor infrastructure (46.9%) and absence of technology (46%) as other big impediments.
# About 77.2% wanted additional government support, while 76.3% felt training of labour was also an important consideration.
# Investment in information technology is not seen as a major factor that can drive business growth, as only 52.53% were in favour of it.
About IndiaMART …!
IndiaMART is one of India’s largest business-to-business online marketplaces.It assists manufacturers, suppliers & exporters to trade with each other.