Introduction

Macro Environmental Analysis is one of the important management

strategies a company or an organization works on for the future-proofing.
Macro Environment can be explained as an atmosphere which affects the
organizations growth or fall, but with no control of the organization itself.
Many organizations work their part to cope with the future expected as well
as unexpected changes foreseeing the sustainability besides profitability of
the organization in the league of market competency. Macro Environment,
being one of the key influential factors covered in the risk-management
analytics, is keenly worked on by the organizations. Construction being the
basic input for the socioeconomic development of a nation also generates
substantial employment. With Macro Environment being the nucleus of this
report, it accentuates its role and need in the Construction Industry of the
second fastest growing economy in the world, India, where the Political and
the Economic factors influence the endurance and longevity of the
organization the most.
Understanding And Analyzing Macro-Environment
As quoted by Gary Hamel and C.K.Prahalad (Hamel & Prahalad, 1996),
A companys strategic orthodoxies are more dangerous than its wellfinanced rivals. The study and analysis of PESTEL elaborated as Political,
Economic, Social, Technological, Environmental & Legal factors affecting the
growth and longevity of an organization with no apparent influence or control
of the organization itself and hence, termed as Macro-Environment.
Amongst the mentioned factors, Political & Economical or SocioEconomical scenarios affect largely the organizations like those of the
construction industry, which simultaneously has an incision effect on the
growth of the nation. India being the world's largest democracy besides 2nd
fastest growing nation, has the most influential bureaucratic intervention in
the industrial sectors. With India's democratic stand, the chances of over-

night

political

turns

are

possible,

which

can

adversely

affect

the

organizations. This reasons the relations of an organization with the ruling

party as the political-legal forces include the outcomes of elections,
legislation, and court judgments, as well as the decisions rendered by
various commissions and agencies, which is accessed helpfully in return for
the support provided to the formed government during the electoral phase.
This helps in creating the market need which adds to profit-making. The
political sector of the environment presents the actual and potential
restriction, on the way an organization operates. Among the most important
government actions; regulation, taxation, expenditure, takeover (creating a
crown corporation and privatization) are the basic interests of the
organizations. The differences among local, national, and international subsectors of the political environment are often quite dramatic. Political
instability in some areas makes the very form of government subject to
revolutionary changes. The other most affective factor organizations depend
on is the Economy. Economic forces refer to the nature and direction of the
economy in which business operates. Economic factors have a tremendous
impact on business organizations. The general state of the economy
(depression, recession, recovery, or prosperity), interest rate, stage of the
economic cycle, balance of payments, monetary policy, fiscal policy, are key
variables in corporate investment, employment, and pricing decisions. The
impact of growth or decline in gross national product and increases or
decreases in interest rates, inflation, and the value of the currency is
considered as prime examples of significant impact on business operations.
The Political and Economic factors combine in the social environment of a
nation forming a socio-economical scenario. These and the all other external
factors and environment, having the most influential impact on the
organizations, are to be analyzed, monitored and observed for the future
growth, stability, risk, profitability management to be precise and effective
respectively.

Application of Theory in Construction Industry

The construction industry lies among the important aspects to be
considered for a nations development. This, therefore, requires special
strategic concern and management besides maintained well. There has
been quality work and thoughts regarding the development of this sector
by many. The recent recession has affected all crucial sectors of Indian
economy. This economic recession had a huge effect
construction

industry,

more

than

many

other

on

the

industries.

The

construction industry has seen a reduction in the demand for new

constructions. The biggest decline was recorded in house building, with
the infrastructure and commercial sub-sectors also falling at record
levels during 2008. Construction companies are in financial straits, and
their stock market prices have crashed. GMR infrastructure lost Rs.94
crore in the April- June quarter. GVK projects lost Rs.64 crore in the
same quarter. Hindustan construction suffered a staggering loss of
Rs.222 crore in 2011-12 (ASIACONSTRUCT CONFERENCE, 2007). Other
construction companies have also suffered. So equity and debt
markets have lost faith in Indian construction companies. Economic data
forecasting firm, Experian has reported construction output dropped by
4% in 2012 following a 3% drop in 2011. The firm has revised its
figures for growth in 2013 down from 5% to 4% between its winter and
summer forecasts (Experian, 2013). In response to market conditions,
construction companies hit by financially disastrous time and cost
overruns. It is the fact that the sustainability of the construction
companies is at risk in times of recession. It is imperative for these
companies to be prepared in every sense. Thus managements of these
construction companies have to search for restructuring strategy for
their survival. Many of these construction companies sought to reduce
their employee strength as an urgent measure to come out of this strait.
Without highways, ports, airports, rail links, townships and pipelines

economy cannot grow. The 12th plan (2012-17) estimates a trillion dollar
investment

in

these

projects

(Wikipedia,

2015).

So,

even

though

construction sector is in a critical situation, it has an enormous future

growth potential. Reducing employee strength cannot be a remedy to
present crisis. Employees of construction companies have developed many
construction processes in house. Some of the best practices in construction
are pioneered by manpower, which has faced termination. In spite of
reduced employee strength and many other cost reducing measures, profit
margin of most of the construction companies reduced from 25% to 5%
during the last three years. Hence restructuring of construction companies
is required not only to withstand present crisis, but also for the forthcoming
upturn that can be inevitable, in order to overcome the future market
instability. There have been proposed strategies, which can be adopted to
develop resources in pursuit of better performance and competitive
advantage, by the organizations to sustain recession but in lieu of macroenvironmental analysis. In order to cope up with the then prevailed
recession, organizations advocated decrease in manpower resources, did not
recognize

the

importance

of

employee's

idiosyncratic

capabilities,

proprietary construction processes and equipments that cannot be obtained

in the factor markets. This was later covered by following the Resource
Based View (RBV) theory, which solely emphasizes on the internal resources
of the organization in formulating strategy to achieve a sustainable
competitive advantage in its markets (Wernerfelt, 1984). The RBV theory first
posited in the literature by Wernerfelt is built upon the theory that a
companys success is largely determined by the resources it owns and
controls (Wernerfelt, 1984). Jay Barney is mentioned to have scantified the
RBV theory literature into an ample conjectural agenda. In his 1991 article,
Barney argued that firms that have power over and make the most of
resources and capabilities that are important and rare will achieve a viable
advantage. Barney additionally articulated that these advantages will

eventually manifest in enhanced performance in a short period (Barney,

1991). The RBV is a way of viewing the firm and in turn of approaching
strategy. This theory was further popularized by Hamel and Prahalad in their
book, "Competing for the Future" (Hamel & Prahalad, 1996). Today, the RBV
is considered to be one of the most widely accepted theories of strategic
management. Though, the adoption of the stated theory has strengthened
the organizations internally and has proven results, the organizations in India
are still largely affected by the macro-environmental factors of which, the
Political and Economic scenarios stand to be the most influential.
The Indian Construction Industry
Construction is recognized as the basic input for socio-economic
development. It generates substantial employment. It employs not only
engineers, managers and skilled workers, but also unskilled male and female
workers from rural and urban areas. Since the construction industry is
dependent on a number of industries. Its growth propels growth in other
industries as well. For example, it positively contributes to the development
of building materials industry and construction equipment industry. The
demands for cement, steel, paints, chemicals, aluminium, glass, etc.; from
the construction industry provide positive impetus to the growth of these
industries. While the forward movement of the construction industry is an
indicator of the growth of the country. Its backward movement creates
widespread impact on employment and income and the growth in GDP is
also affected. The multiplier factor between the growth rate of construction
and growth rate of GDP has been in the range of 1.5 to 1.6. Construction
products such as buildings, roads and power plants have a long life when
compared to the products of other industries. In general, the construction
industry of a country depicts the health of the economy of the country and it
is imperative that the industry is properly nurtured for the growth of the
overall economy (Srinivasan, n.d.).

The construction industry was accorded Industrial Concern Status

under the Industrial Development Bank of India (Amendment). Now, the
construction industry is the second largest industry, next only to agriculture.
Its contribution to the GDP at factor cost in 2006-07 was Rs. 196,555 crore,
which is about 6.9 percent of the country's GDP. It employed 31.46 million
personnel comprising both skilled and unskilled workers, technicians,
foremen, clerical staff and engineers (Planning Comission, 2015).
With increasing thrust on developing infrastructure and attractive
concessions appcasing private partnership in infrastructure projects, the
Indian construction industry is already booming and is poised to see a bigger
growth in near future. Some of the factors in favor of the Indian construction
industry are availability of cheap labor, availability of qualified professionals,
excellent opportunities at present and a large number of construction
companies (nearly 28,000 organized companies and 75 large contracting
companies).
Some of the factors that go against the Indian construction industry are
low productivity, low ratio of skilled to unskilled workers, high cost of finance
and complicated tax structure, and the presence of mostly small contractors
who lack financial and technological backup have a low technology base,
have a negligible investment in R&D and show little regard for systems.
A host of factors such as acute housing shortage, upturn in industrial
sector, restructuring of state electricity boards (SEBs) and expansion of the
power grid will contribute to the growth of the Indian construction industry.
There is a big upturn in commercial production, creating a correspondingly
big market for commercial buildings. Factories are being put up at mass scale
at some locations that have been declared as industrial area by the state
governments. The concept of tax holiday has given further boost to
establishing factories. There is also a huge market in building residential
units in both the private and public sectors. Real estate investment has shot

up in recent times due to the tax benefits announced by the government. A

lot of housing projects are being undertaken not only in metropolitan cities,
but in other major cities as well.
In the roads sector, the execution of the golden quadrilateral and the
north-south and east-west corridor has created a lot of opportunity. Further,
work on Pradhan Mantri Gram Sadak Yojana (PMGSY) proposes an investment
to the tune of Rs. 60,000crore. This will connect to the rural area with certain
habitat strengths. The operation and maintenance of the huge road network
will spawn extensive opportunity to work in this sector.
The public-private partnership initiative through build-operate-transfer
(BOT) and build-own-operate-transfer (BOOT) route is proving to be a
blessing in disguise for the upgrade of existing airports in the country.
Operation and maintenance of these airports are sure to attract bulk
investment.
There are 11 major ports and 163 minor ports in the country at
present. The average ship turnaround time is six days in India and this is
very high when we compare it to other better-managed ports with high-class
infrastructure in the developed world. For example, the average ship
turnaround time in Singapore is just six hours. Trafiic is expected to increase
further which will throw up a huge potential for investment and construction.
This sector is set to grow since development of small ports and inland
waterways is a part of the prime ministers investment policy decision.
The water and eflluent treatment sectors are also bound to grow in the
near future. Already there is an increase in investments in improvement of
civic facilities in rural and urban areas in order to improve water supply and
address sanitation-related issues as envisaged in the Tenth Five Year Plan.
There is a plan to link the major rivers of the country, which will bring huge
investments into the construction sector. There are many projects in the
planning stages to bring water from rivers to cities through pipelines.

Further, enforcement of stringent norms for discharge from industries under

Environmental and Pollution Act will also spur growth in the effluent
treatment sector.
The restructuring of state electricity boards, setting up of new
substations

and

switch

yards,

implementation

of

accelerated

power

development and reform programs (APDRP), and revamping of transmission

lines to reduce transmission and distribution losses from 35 per cent-40 per
cent to international norms of 8 percent-10 percent are sure to bring
momentum

to

electrical

projects.

Privatization

of

transmission

and

distribution systems will further increase investments.

India suffers from perennial power shortage and there is a huge
potential in the field of power as new additions in power-generation capacity
is required. National Hydroelectric Power Corporation (NHPC) and Nuclear
Power Corporation of India Limited (NPCIL) have plans for huge capacity
building in the hydel power sector and nuclear power sector respectively in
thermal power large private investments are in the pipeline and a number of
independent power producers (IPPs) are in final stages of financial closure.
Also, there are increasing investments in captive power plants by large
industries in cement, aluminium, sugar etc.
India has considerable natural gas reserves. There are plans to invest
in pipelines to save on transportation costs. Similarly, there are plans to lay
pipelines from ports to refineries to carry crude and finished products to
different destinations apart from projects for expansion of refineries and LNG
storage facilities. All these are bound to throw up opportunities in the
hydrocarbon sector.
In addition to the above-mentioned opportunities there are promising
prospects in bulk materials-handling projects. While development of ports
would require investment in port-handling equipment, investment in the
thermal power sector would call for more coal-handling plants and increased

food production would mean more opportunity for grain-handling plant

construction.
Here, it must be noted that the indigenous construction industry is
bound to face increasing competition from multinational companies. Already,
projects

including

major

portions

of

Delhi

Metro,

some

high-value

hydroelectric jobs such as Uri Project, high-tech projects such as Bangalore

Infotech project and Chennai Tidel Park project and power projects such as
Enron have seen a major chunk of construction going into the hands of
multinational companies. A number of MNCs such as Skanska, Hyundai,
Bechtel, Kumi Gumi, Obayashi and Toyo are now operating in India. The
future is going to be quite competitive and the domestic companies who can
face the challenges posed by the MNCs will emerge stronger.
The Indian construction industry despite having a promising future of
growth, is a wide range of loosely integrated organizations that collectively
construct, alter and repair a wide range of different buildings and civil
engineering projects. In a major review of project management theory, many
thinkers established that the environment interferes with the planned
progress of construction projects. The less predictable the environment and
the greater its potential effects, the more it must be taken into account in
managing the development of construction projects. The project environment
in many developing countries like India present special challenges for project
managers that almost presupposes extensive cost and time overruns even
before a project commences. These challenges arise mainly from inherent
risks such as political instability, excessive bureaucratic contract procedures,
and lack of adequate infrastructure such as transportation networks,
electricity supply, and telecommunications systems. In recognition of these
unique problems, previous research studies have suggested that there is a
need to develop appropriate management tools and techniques specifically
tailored to the project environment of developing countries (Faniran, 1999).
The project environmental factors that have been generally identified

include; political, legal, institutional, cultural, sociological technological

resource, economic, financial, and physical infrastructure. According to
(Ajayi, et al., 2010); the four most important macro (external) environmental
factors in decreasing order include community issues, weather conditions,
economic situation (boom or meltdown) and government policy. Project
performance can be accordingly measured and evaluated using a large
number of performance indicators that could be related to various
dimensions (groups) such as time, cost, quality, client satisfaction, client
changes, business performance, health and safety. Generally, performance
dimensions may have one or more indicators, and could be influenced by
various project characteristics. For example, (Iyer & Jha, 2005) identified
many factors as having an influence on project cost performance, these
include: project managers competence, top management support, project
managers coordinating and leadership skills, monitoring and feedback by
the participants, decision-making, coordination among project participants,
owners competence, social condition, economic condition, and climatic
condition. Coordination among project participants, however, was identified
as the most significant of all the factors, having maximum influence on cost
performance. The studies of (Love, et al., 2005) Examined the project time
cost performance relationship, and their results indicated cost as a poor
predictor of time performance. The identification of these environmental
factors and the measurement of their severity would provide useful
information that would greatly reduce cost and time overrun in project
execution.
Success of construction projects depends mainly on success of the
performance. Many previous researches had studied the performance of
construction projects. (Dissanayaka & Kumaraswamy, 1999) remarked that
one of the principle reasons for the construction industrys poor performance
has been attributed to the inappropriateness of the chosen procurement
system. (Thomas, et al., 2002) recognized the main performance criteria of

construction projects as financial stability, progress of work, standard of

quality, health and safety, resources, relationship with clients, relationship
with

consultants,

subcontractors,

claim

reputation

and
and

contractual
amount

disputes,
of

relationship

subcontracting.

with

(Chan

&

Kumaraswamy, 2002) stated that construction time is increasingly important

because it often serves as a crucial benchmarking for assessing the
performance of a project and the efficiency of the project organization.
(Cheung, et al., 2004) identified project performance categories such
as people, cost, time, quality, safety and health, environment, client
satisfaction, and communication. It is obtained by (Navon, 2003) that a
control system is an important element to identify factors affecting
construction project effort. For each of the project goals, one or more Project
Performance Indicators (PPI) are needed. Also, as obtained by (Stewart,
1967)

human factors

played

an important

role

in

determining

the

performance of a project. (Ugwu & Haupt, 2007) remarked that both Early
Contractor Involvement (ECI) and Early Supplier Involvement (ESI) would
minimize constructability-related performance problems, including costs
associated with delays, claims, wastages and rework, etc. The most
important practices relating to scope management are controlling the quality
of the contract document, the quality of response to perceived variations and
extent of changes to the contract.
The failure of any construction project is mostly related to the
performance problems and there are many reasons and factors which are
attributed to such problems. The studies of (Narayan, 2011) stated that the
construction industry performance problems in developing economies can be
classified into three layers as; problems of shortages or inadequacies in
industry infrastructure (mainly the supply of resources), problems caused by
clients

and

consultants

and

caused

by

contractor

incompetence/inadequacies. According to (Planning Comission India, 2012),

the performance problem is related to poor budgetary and time control.

(Dissanayaka & Kumaraswamy, 1999) also remarked that performance arises

in large construction projects due to many reasons such as: incompetent
designers/contractors, poor estimation and change management, social and
technological issues, site related issues and improper techniques and tools.
(Navon, 2003) stated that the main performance problem can be divided into
two groups: (a) unrealistic target settings (i.e., planning) or (b) causes
originating from the actual construction (in many cases, the causes for
deviation originate from both sources). (Samson & Lama, 2002) endow that
the traditional performance measurement systems have problems because
of large and complex amounts of information with the absence of approaches
to assist the decision maker to understand, organize and use such
information to manage organizational performance. (Navon, 2003) remarked
that traditional project performance control is usually generic (e.g., cost
control techniques). It relies on manual data collection, which means that it
is done at low frequency (normally once a month) and quite some time after
the controlled event occurred (i.e., not in real-time) and moreover, manual
data collection normally gives low-quality data. The studies in China revealed
that Architectural Engineering and Construction (AEC) firms may face
difficulties managing construction project performance because they are
unfamiliar with this new operating environment. It has also been known and
stated that international construction project performance is affected by
more complex and dynamic factors than domestic projects; frequently being
exposed to serious external uncertainties such as political, economical, social
and cultural risks, as well as internal risks from within the project. The
construction environment, according to (Youker, 1992) is the aggregate of
surrounding

things,

1997); describes

this

conditions
environment

or
as

influences.
all

external

(Akinsola,
influence

et

al.,

on

the

construction process. Thus, the environment includes virtually everything

outside the project; its technology, the nature of its products, customer and
competitors, its geographical setting, and the economic, political and even
meteorological climate in which it must operate. (Bennett, 1991) in a major

review of project management theory established that the environment

interferes with the planned progress of construction projects. The less
predictable the environment and the greater its potential effects, the more it
must be taken into account in managing the development of construction
projects. A review of the results of hundreds of World Bank projects by
(Youker, 1992) indicated that success or failure often depends on factors in
the general environment outside the control of the project manager. The
review

pointed

out

that

in

the

management

of

projects,

good

understanding of the different features and factors within the environment

that can have an effect on the project is essential. This can form a basis for
analysis for overcoming or mitigating their effects on project performance.

The Key Factors

The Political environment is concerned with government policy and the
effect of political decisions upon construction projects. The significant roles
played by the government in the construction industry are mostly clients,
regulators of the national economy, and regulators of the construction
environment such as laws that guide ethics and construction practices and
many others. This inferred that governments can significantly increase or
decrease the demand for construction services through budgetary measures
and monetary policies. In its capacity as regulators of the construction
environment, governments influence the development and building approval
processes and enforce compliance with Acts and Regulations. As observed by
(Mansfield & Doran, 1994) governments may also invoke their powers to
initiate or stop projects on political, social and environmental grounds.
Political stability, national unity and good political leadership are thus crucial
to national development. (Thomas & Martin, 2004) believed that no project
exists in a vacuum, but is rather subject to an array of influences from
regulatory control to political and industrial intervention and opined that

managers of the construction project will take cognizance of the political

aspect that can produce an uncertain environment such as unstable
government, unpredictable shifts in the economy and unexpected changes in
consumer demand.
An organization, namely (Hindustan Constructon Co., 2008); being one
of the oldest to have been established in the year 1926 and also, the fastest
growing and popular organizations when taken into consideration as an
example, to simplify the understanding, seems to have worked its best on
the macro-environmental factors for its growth and longevity. This and many
such organizations foreseeing the possible challenges and intangible
situations in the future make relationship with the possible upcoming
powerful political party by funding them in an effort to bring it into the power
of governance during the electoral phase and later utilizing the political
support after the supported party forms the government by getting projects
approval through the same. This way the organizations and the governments
in a way pull their respective profits by generating funds and gaining the
general public support. Hindustan Construction Co. in its own interest with
the help of the governing political support managed to create a possible
scenario for the construction of the Indias first and only cable-stayed
(Hanging) bridge over the sea in the state of Mumbai, which apart from
connecting the busiest marketplaces of the city along the seaside also
proves to be the easiest way for the general public to mobilize between the
connecting places eluding the possible hectic traffic hence saving quality
time. This project also covers the economic factor as it adds to the
infrastructural development of the nation. The

Bandra-Worli SeaLink

(Wikipedia, 2011) marks its place as being a breakthrough in the field of civil
engineering and stands as a milestone for many organizations, which helps
creating the competitive environment in the industrial sector fuelling and
pushing the ideological as well as goal-setting aspects of the market
dependent

organizations,

which

leverages

the

market

competition,

benefitting the nation's economic growth, infrastructure standards and

rowing the nation through the stage of developing to the peaks of
development, uplifting the nation in an effort to get mentioned among the
list of developed nations. Being one of the biggest democracies with the
most diversified culture, India has the most influential factor over the
industries as the political and social. The people are divided into groups on
the basis of caste, creed, religion, social & economic status, which fuels the
diversity among the people and helps the governing authorities to benefit on
the grounds of inequality and sympathy. This mainly affects the organizations
during the phase of ongoing construction where the labors are controlled by
their community leaders and are to be dealt responsibly by the organization
to continue the work on site. The economic and financial aspect zeroed on
the level of general economic activity, as well as the resources available to
carry out the work and it includes the economic competition of various
degrees around the appointment of all the parties of the building project.
Financial limits always seem to exist in building projects according to study,
it is clarified that financial environment forces are distinguished from
economic ones on the basis that economics is to do with the deployment of
resources, the governing authorities, whereas financial limitations are strictly
to do with money.

Conclusion
In absence of the above mentioned systems and procedures, the obvious
result is impeded and stinted progress of work, employment of obsolete
technology, impeded supply of resources and therefore rampant time & cost
over runs in the execution of projects. This could be achieved by collecting
data regarding functioning of the Industry, analyzing the same and evolving
systems,

which

could

be

offered

as

service

to

the

stakeholders.

Thus, there is a definite need of developing the following,

I.

An effort to collect and sample datas, conduct research, analyze

causes and develop models to profile, and quantify various types of
business risks, focusing mainly the economic factors as well as the
political overlays to an extent.

II.

A network of several Service Organizations, who may adopt the models

and systems developed thus and offer professional services to the
stakeholders. Needless to mention, such networks would emerge as an
obvious reaction of market forces, and may for the time being be kept
out of the purview of present paper, however, working models and
procedures would have to be created, and this is where the Apex
Organizations would have to play the role of a Catalyst / facilitator.
CIDC and some other professional bodies have done some work in the

area of risk alleviation in Construction Engineering, however a conscious

thrust is needed. The work, which is being done so far by CIDC, in order to
have better risk identification, assessment and profiling of various risks
involved with this important sector of Economy, is Evolution of a novel
concept of Construction Equipment Bank. Introducing the services of Lenders
Engineer. Grading of various Construction agencies in association with ICRA.
Evolution of new construction sector specific Insurance Products, soon to be
launched by the Insurance Companies in India. Evolving jointly with IBA,
more flexible lending norms to be adopted by different Financial Institutions,
which would not just accentuate the construction industry but will also prove
to be of great benefit to all equally, thus, building the nations economy
stronger.
Such efforts taken and implemented being the start to stabilize the
nations infrastructural growth, many more such efforts are required for
development of the Construction Sector of India.

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