IntroductionMacro 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-EnvironmentAs quoted by Gary Hamel and C.K.Prahalad (Hamel & Prahalad, 1996), A companys strategic orthodoxies are more dangerous than its well-financed 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 Socio-Economical 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 sub-sectors 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 IndustryThe 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 on the construction industry, more than many other 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 macro-environmental 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 IndustryConstruction 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 qualied 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 nance and complicated tax structure, and the presence of mostly small contractors who lack nancial 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. Traic 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 eluent 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 eld 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 nal stages of nancial 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 reneries to carry crude and nished products to different destinations apart from projects for expansion of reneries 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 thinkersestablished 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 timecost 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, claim and contractual disputes, relationship with subcontractors, reputation and amount of subcontracting. (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, conditions or influences. (Akinsola, et al., 1997);describes this environment as all external influence 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, a 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 FactorsThe 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.

ConclusionIn 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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