India got the presidency of G20 for the first time along with the opportunity of hosting the G20 Summit in 2023 giving a major boost to the infrastructure and strengthening the global position of India as the world is standing on the cusp of a major recession. The return of COVID waves is in the front while an international war is happening in the backyard.
On the domestic front, 2022 proved to be a game changer for many segments which were reeling from the effects of the pandemic. For instance, the Indian retail industry emerged as one of the most fast-paced industries accounting for $836 billion in FY 2022, expected to reach USD 2 trillion by 2032.
Similarly, the real estate industry is now expected to reach US$ 1 trillion in market size by 2030, up from US$ 200 billion in 2021. Rising housing sales, luxury purchases and higher occupancy in commercial real estate are deemed as major factors providing the much-needed infrastructure for India's growing needs.
Also, reports suggest, office space absorption is expected to touch 53-57 million sq. ft. by the end of 2022 which is expected to grow further.
People flocked to the exhibitions throughout the year. SURFACES REPORTER® saw great success with the homegrown building material exhibition MATECIA. One of
the worst affected sectors, Hospitality has now recovered handsomely with the national average room rate rising to just shy of INR 5,000. In addition, the domestic hospitality industry is looking expectantly towards 2023 owing to India’s G20 Presidency.
However, not everything is booming. The Russia-Ukraine war has put a major impact on global economic development and is causing a major socio-economical and geo-political crisis.
Building material prices have hugely surmounted. Additionally, there is a looming threat of another COVID crisis in the world with China already crossing the global threshold of the maximum number of patients per day.
The big question is, while the world is reeling under the pressures of recession, will India be immune to that?
SURFACES REPORTER'S COVER STORY: Pages 18-44, Send your views to vertica@surfaces.in
VERTICA DVIVEDI
Publisher, SURFACES REPORTER