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India: Building and Construction in India 2020-2024: June 2020 Update

Total construction work done (nominal terms) is expected to ease further than anticipated (-7.6% from a previous -2.1%), as the first phase of the lockdown took a larger toll on the economy. Relief measures rolled out by the Government seek to benefit the construction sector, including credit and funding support to MSMEs, invocation of ‘force majeure’ which will allow developers to extend construction completion and contributions for low wage workers and funds for 3.5 million construction workers. In conjunction with this, the Central Bank has introduced liquidity measures - lowering the repo rate, moratorium on loan instalments and the relaxation for NPA classification norms. While these measures will benefit the construction sector, it remains limited in its effectiveness.​

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