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Mining, construction equipment sector to reach $45 bn by 2030: Report
India is now the fastest-growing MCE market among the top six global economies, surpassing even the US, Germany and Japan
Press Trust of India New Delhi
India's mining and construction equipment sector is expected to reach $45 billion in another five years, according to a report.
"Currently valued at $16 billion, the sector is projected to grow at a 19 per cent CAGR, unlocking a $45 billion opportunity by 2030," according to CII-Kearney Report.
Confederation of Indian Industry (CII), in collaboration with Kearney, has come out with a Vision Report for Making India a Global Manufacturing Hub in the Mining and Construction Equipment Sector. The report presents a bold Vision 2030 to position India as a global leader in mining and construction equipment (MCE) sector and outlines an action plan.
India is now the fastest-growing MCE market among the top six global economies, surpassing even the US, Germany and Japan.
According to the report, the mining and construction sector, a key enabler of infrastructure, energy, and industrial growth, commands a $18 trillion global market and contributes 16 per cent to global GDP.
In India, this sector is central to national development -- contributing 22 per cent to GDP, ranking second only to China, and supporting over 70 million jobs. India is the fastest-growing market among the top six global MCE markets, with a CAGR of 12 per cent over the past five years. India's rapid growth is positioning it as a key player in the global MCE landscape.
The expansion of the MCE sector is projected to contribute over $100 billion to India's economy by FY30, adding 20 million jobs directly or indirectly. This impact is driven by the growth of upstream and downstream industries, job creation and a boost to tax revenues.
To realise the full potential of Vision 2030, the report recommended structural and policy initiatives, institutionalising governance via a single nodal agency, Production Linked Incentive (PLI) scheme tailored for MCE, accelerating MCE exports through FTAs, establishing mutual recognition arrangements for Indian certification standards, promoting technology adoption and automation, rationalising tax and import duties among others.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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