India construction industry is an important growth driver of Indias economy. It is one of the integral industries in India. In general, it has been growing at an average rate of 9-11% a year due to increases in domestic and international manufacturing activities and industrial growth over a past few years. The construction industry contributes around 8% in the Indias GDP. The government construction projects are majorly providing the thrust to the rising Indias construction industry. Major construction activities which account for growth are power generation projects, highway construction, and railway expansion and export and import cargo. Around 21% contribution is from cargo, 9.8% from highway construction and expansion and 6.6% from power generation. Government initiatives such as making 100 smart cities, world-class highways and shipping infrastructure, housing and urban development has attracted huge investments through Foreign Direct Investment, private players and from government budgets.
As per economic survey 2017-18, India will require USD 4.5 trillion by 2040 for the development of infrastructure. The housing and township development sector has received USD 24.7 billion till 2017 through FDI route. The current scenario of infrastructure is inadequate to sustain the urban population, government urban development mission and the partnership agreements between urban local bodies and foreign players are further expected to boost the growth of India construction industry in the coming years. Also, 100% FDI in construction development projects and developing industrial parks is allowed through automatic route.
Further, various foreign economies have joined hands with India for infrastructure development through finances and technology such as India-Japan for development of the North Eastern states and India-Sweden for developing smart cities. These projects tend to provide huge opportunities to the private players by taking up the project contracts and tenders, few such major players are L&T, Godrej Properties, Shapoorji Pallonji, Tata Projects, Essar Group, Hindustan Construction Company, Jaypee Group and others.
				(in crore)
	2016	2017	2018	2019
INCOME
Revenue from Operations	9,527.25	9,000.57	8,390.64	12,895.64
Other Income	132.26	203.903	101.36	124.33
Total Income	9,659.51	9,204.47	8,492.00	13,019.97
EXPENSES
Cost of Materials Consumed	4,149.99	3,280.12	3,162.22	4,875.10
Construction Expenses	1,072.24	1,203.71	928.24	962.71
Changes in Inventories of Work in Progress	-201.77	145.794	-107.02	155.23
Sub-Contractors Work Bills	2,716.11	2,904.95	2,798.61	4,510.07
Employee Benefits Expense	470.466	459.219	453.32	495.16
Finance Costs	642.578	513.339	459.56	521.95
Depreciation and Amortization Expenses	248.249	202.553	171.51	192.53
Other Expenses	323.492	3Analyse, if NCC Ltd. has been able to manage it's working capital efficiently across the past years (from 2016 till 2019). Support your answer with substantive facts and calculations and comment on the same. What working capital policy do you recommend for NCC Ltd. for it's forthcoming years 2020 and 2021?Analyse, if NCC Ltd. has been able to manage it's working capital efficiently across the past years (from 2016 till 2019). Support your answer with substantive facts and calculations and comment on the same. What working capital policy do you recommend for NCC Ltd. for it's forthcoming years 2020 and 2021?	275.88