The factors that are held to be responsible for the New Era -- “globalisation of production, changes in finance, the nature of employment, government policy, emerging markets, and information technology” (Weber 1997, p. 71) -- will all be helpful, but they raise the long-term sustainable growth rate only to the extent to which they raise productivity growth on an on-going basis.
The Indian middle class is also expected to expand by more than 10 times from its current size of 50 million to 583 million people in next 18 years. Given this rise in per capita income, swelling middle class and rapid urbanization, it is estimated that additional 45 million housing units would be required by the year 2012.