Everything You Need to Know About Construction and Infrastructure.
Outside the real estate sector, the words ‘infrastructure’ and ‘construction’ are often used interchangeably. However, if you wish to understand the business better, it is necessary to understand the difference between these two.
In the most basic sense, infrastructure means all the physical and digital systems that are needed to run a country or region’s economy. Construction on the other hand refers to the process of building and maintaining these infrastructural projects.
What is Infrastructure?
Infrastructure is the foundation of any city, town or community. It includes roads, bridges, schools, hospitals, airports, telecommunication systems, water systems, and other such systems which are required to sustain the social and economic life in the region.
Broadly speaking, infrastructure can be broken down into three categories – construction, maintenance and upgrades. Construction involves building new physical assets. Maintenance keeps the existing infrastructure in good, working condition. Upgrades mean gradual improvements made to the existing infrastructure to make it more up-to-date.
What is Construction?
Construction is the physical process of building and maintaining the infrastructure. It includes planning, designing, repairing, renovating, and maintaining infrastructure projects. It usually involves large upfront investments and requires a larger workforce.
Construction is the implementation of planned infrastructural developments. It is a consequence of infrastructural planning. Thus, it is a more physically laborious process. It involves planning, acquisition of raw materials, construction, operation and maintenance.
What is the importance of Infrastructure?
Infrastructure investments can significantly impact the quality of life and economy of a country or region. Planned infrastructural developments help improve the lives of ordinary citizens, create jobs, improve public security, and spur economic growth.
Well-planned infrastructure projects could reduce costs and improve the efficiency of businesses and provide people with a smooth and secure life. It helps improve the overall productivity and output of a region or country.
From a business perspective, infrastructure is a growing industry at the moment. According to Mordor Intelligence, the global infrastructure sector is estimated to be worth $2.57 trillion in 2023 and is expected to reach $3.48 trillion by 2028. This would mean that the industry has a forecasted growth rate of 6.27%.
Shapoorji Pallonji Infrastructure Capital Company Pvt. Ltd. (SP Infra) has been part of the Indian infrastructure scene for more than two decades. The business was established in 1997 as part of the Shapoorji Pallonji Group to develop sustainable infrastructure assets that deliver value to local communities. Since then, SP Infra has made significant contributions to the infrastructural development of communities inside and outside India. With services in power, transportation, natural resources and ports and terminals, SP Infra is an industry leader in the infrastructural development sector in India.
SP Infra’s work is complemented by the work done by Shapoorji Pallonji Engineering & Construction (SP E&C). SP E&C is India’s first ISO 9000-2001 certified construction company. It was also the first Indian company to execute a project overseas (in 1975). Some of SP E&Cs’ most notable projects include The Imperial, India’s tallest residential twin towers and The Aquatic Gallery in Ahmedabad, India’s largest public aquarium. SP E&C was ranked 54th in the top 250 International Contractors by ENR in 2021.
To find out more about the projects undertaken by SP Infra and SP E&C visit https://www.shapoorjipallonji.com/
Originally Published at - https://realestateandepc.wordpress.com/2023/08/17/infrastructure-vs-construction-understanding-the-key-differences/
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