Public capital leads
Union capex of ₹12.2 lakh crore in FY27 and a 500 GW clean power target set the direction for construction, energy and engineering.
ImprellIndustries
Industries that build the country.
IndustriesIndia is building at a pace few countries have matched. We work in the industries where that building happens, and we follow each one through its numbers.
Industry sizes
The scale of what is being built.
Headline numbers for the industries we operate in, from public and industry sources. Tap a card to see the detail.
Real estate$482bnestimated market size, 2024Renewable energy300.5 GWnon-fossil power capacity, July 2026Hospitality$24.6bnhotel industry size, 2024Healthcare and life sciences$122bnhospital market size, 2025Technology$315bntechnology industry revenue, FY26Engineering and infrastructure$1tn+construction output, nominal, expected in 2027
Industry by industry
Size, trends and value.
What each industry looks like today, where it is heading, and where we think value gets created.
Real estate
Real estate was about 7.3% of India’s GDP in 2024 and is projected to reach roughly $1.5 trillion by 2034, or 10.5% of GDP. Residential is the largest part, with offices, retail and warehousing growing alongside it.
395,625homes sold in the top 7 cities in 2025, down 14% on 2024Anarock, Dec 2025
₹6 lakh crore+sales value in 2025, up 6% despite fewer homes soldAnarock, Dec 2025
15%of Mumbai housing sales came from redevelopment in 2025 to H1 2026, up from 6% in 2016 to 2021JLL–NAREDCO, Sep 2026
Industry trends
- Value is rising faster than volume. Fewer homes were sold in 2025, but at higher prices (about 8% a year in the top 7 cities), and unsold stock grew 4% to about 5.77 lakh homes.
- Mumbai is running out of land, so it is rebuilding itself. Around 13,500 cessed buildings need replacement, the society consent threshold under DCPR 2034 is 51%, and around 1,000 redevelopment projects have launched since 2020.
- Infrastructure is redrawing the map. Metro Lines 4, 6 and 11, the Coastal Road and the Mumbai–Pune high-speed rail corridor announced in Budget 2026 are changing which micro-markets matter.
Where value is created
- Unlocking land: clear title, member consent and approvals turn a constrained site into a buildable one.
- Disciplined execution while buyers are price-sensitive and inventory is building up.
- Clear, shared economics between owners, societies and developers, so projects do not stall.
Renewable energy
Non-fossil sources are now more than 54% of India’s roughly 552 GW of installed capacity. At 300.5 GW, India is about 60% of the way to its target of 500 GW by 2030, and ranks third in the world for renewable capacity.
164.6 GWsolar capacity, more than half of all non-fossil capacityMNRE, Jul 2026
58.1 GWwind capacity, with hydro at 57.2 GW, bio-power 11.8 GW and nuclear 8.8 GWMNRE, Jul 2026
≈200 GWstill to add by 2030 to reach the 500 GW targetCalculated from MNRE data
Industry trends
- Solar leads. It accounts for about 55% of non-fossil capacity, well ahead of wind, hydro, bio-power and nuclear.
- The next phase is firm power. As capacity grows, storage, transmission and signed offtake matter as much as new panels and turbines.
- Businesses are buying directly. Captive, group-captive and open-access models let large users contract clean power for themselves, not only through utilities.
Where value is created
- Sites with good resource, secure land and a clear route to the grid.
- Contracted offtake and sensible structuring, so projects can be financed.
- Operations: monitoring and maintenance decide the long-term return.
Hospitality
India’s hotel industry is expected to grow from $24.6 billion in 2024 to about $31 billion by 2029. CBRE describes it as moving from post-pandemic recovery into structural maturity, led by domestic travel.
~64%average hotel occupancy in 2025CBRE, Apr 2026
+11%revenue per available room in 2025, with average room rates up 8.7%CBRE, Apr 2026
70,000+new rooms expected from listed operators by 2030CBRE, Apr 2026
Industry trends
- Domestic demand leads. Leisure and business travel within India is driving growth, and has held up when international travel has been uncertain.
- Supply is catching up. More than 70,000 new rooms are planned by listed operators alone, so location, product and service quality will separate the strong from the average.
- New destinations are opening up. Budget 2026 announced visitor infrastructure for tier-2 and tier-3 temple towns, a seaplane connectivity scheme and new high-speed rail corridors.
Where value is created
- Pricing and operations: occupancy and room rate discipline drive returns.
- Management and leasing models that let owners benefit from professional operations.
- Food, beverage and events, which add revenue beyond the room.
Healthcare and life sciences
India’s hospital market is estimated at $122.3 billion in 2025 and is projected to reach $202.5 billion by 2030, a growth rate of about 10.6% a year. Health spending is about 3.3% of GDP and is expected to rise towards 5% by 2030.
43.5 croreAyushman cards created by February 2026, with 36,229 empanelled hospitalsIBEF, 2026
₹1.37 lakh crorehealth insurance premium in FY26, up from ₹1.19 lakh crore in FY25IBEF, 2026
$8.7bnmedical tourism market in 2025, with about 507,000 foreign patientsIBEF, 2026
Industry trends
- More people can pay for care. Public cover and private insurance are both growing, and health insurance is now about 41% of non-life insurance premium.
- Medical travel is growing. Foreign patients made up about 5.5% of tourist arrivals in 2025, and the market is projected to nearly double by 2030.
- Our view: capacity is still thin outside the big cities, and smaller cities and towns have the most room for good hospitals, diagnostics and rehabilitation.
Where value is created
- Access: bringing quality care to places where it is still hard to find.
- Infrastructure that is planned for clinical use from the start.
- Partnerships between researchers, clinicians and technology builders.
Technology
Nasscom estimates India’s technology industry at $315 billion in FY26, up 6.1%. Exports are $246 billion and the domestic market is growing faster, at 7.9%. The industry employs about 5.95 million people directly.
$246bnexport revenue, up 5.6%Nasscom, Feb 2026
$10–12bnestimated AI revenue in FY26, with more than 20 lakh employees upskilled in AINasscom, Feb 2026
~1,700 → 2,880global capability centres in India, now and projected for 2034CII–Knight Frank, Apr 2024
Industry trends
- AI is moving from pilot to practice. Revenue is still small against the whole industry, but upskilling is at scale.
- Global capability centres keep growing. Nasscom says they are now driving faster growth in healthcare and travel.
- The home market is catching up. The domestic market is growing faster than exports (7.9% against 5.6% in FY26).
Where value is created
- Practical software and automation that fits how an organisation actually works.
- Data and reporting that give owners and managers one view of the truth.
- Integration of systems that were bought separately and never connected.
Engineering and infrastructure
GlobalData expects India’s construction output to pass $1 trillion in nominal terms in 2027, growing about 6% a year to 2030. Infrastructure, energy and utilities, and industrial work are the main contributors.
₹12.2 lakh croreUnion capital expenditure for FY27, about 9% above the previous yearBudget 2026-27
852public-private partnership projects in a three-year pipeline worth ₹17 lakh croreGlobalData, Apr 2026
17,000 kmof access-controlled expressways planned by 2033GlobalData, Apr 2026
Industry trends
- Public capital spending sets the pace. Roads, rail, ports, power and waterways are all in the Budget’s infrastructure push.
- Private capital is being invited in. The public-private partnership pipeline is large, and it needs design and delivery capacity to match.
- Rail is reshaping corridors. Seven new high-speed rail corridors were announced in Budget 2026, including Mumbai–Pune.
Where value is created
- Design quality: well-coordinated drawings avoid rework on site.
- Inspection and quality assurance that catch problems before they are built in.
- Engineering-led delivery for utilities and infrastructure packages.
Trend analysis
Five themes across all of them.
Read together, the numbers point the same way.
Domestic demand drives growth
Hotels, hospitals and technology services are all led by demand from within India.
Value over volume
In housing, fewer homes sold in 2025 but sales value still rose. Quality and positioning matter more than ever.
Technology is becoming standard
AI and digital tools are moving from experiment to everyday operations in every industry on this page.
Execution is the constraint
Our view: land, approvals, grid access and skilled people are the real bottlenecks. Capital is rarely the first one.
Value creation
Where the value actually comes from.
Our view, across every industry: the money is in the work that comes before and after the headline.
Unlock
Find the assets, sites and opportunities that are stuck: land that cannot be built on, buildings that cannot be rebuilt, power that cannot reach the grid.
Structure
Bring the right owners, partners and capital together, on terms everyone understands and can hold to.
Execute
Run to a programme, a cost and a quality standard, with evidence that anyone can check.
Operate
Keep improving what is built. Returns are earned over the life of an asset, not on the day it opens.
Where industries meet
The real world is not one industry.
Most places that matter use several industries at once. That is why we work across them.
A new neighbourhood
Real estate, power, hospitality, healthcare and engineering all show up in one mixed-use development.
A hospital campus
Healthcare infrastructure needs design, reliable power, technology systems and, for long stays, serviced accommodation.
A destination
Hotels, restaurants and events depend on infrastructure, clean power and good engineering to work well.
Sources and notes
- CII and Knight Frank, India Real Estate: A Decade From Now (Business Standard, 12 Apr 2024)
- ANAROCK Research, housing sales 2025 (Business Today, 26 Dec 2025)
- JLL and NAREDCO Maharashtra, Redevelopment in Mumbai (NBM&CW, 4 Sep 2026)
- MNRE, non-fossil capacity as of 31 Jul 2026 (Mercom India, 10 Aug 2026)
- IRENA data and MNRE statement on renewable rank (IANS, 8 Apr 2026)
- CBRE, India hotel industry outlook (Skift, 15 Apr 2026)
- CBRE, India hotel industry to reach $31 billion by 2029 (Angel One, 15 Apr 2026)
- IBEF, Healthcare industry in India
- Nasscom, FY26 technology industry estimates (PTI via ETV Bharat, 24 Feb 2026)
- GlobalData, India construction market forecast (NBM&CW, 30 Apr 2026)
- Union Budget 2026-27 highlights (Bombay Chamber of Commerce and Industry)
Figures come from the third-party sources above, as dated, and were checked in October 2026. Definitions and scope differ between sources, so the numbers are indicative and should not be added across industries. Statements marked as our view, and the lists of where value is created, are Imprell’s own judgement and not a forecast.
Institutions we work with
