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Business Standard
26-05-2025
- Business
- Business Standard
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.)
Time of India
26-05-2025
- Business
- Time of India
India's mining, construction equipment sector likely to reach USD 45 billion by 2030: Report
India's mining and construction equipment sector is expected to reach USD 45 billion in another five years, according to a report. "Currently valued at USD 16 billion, the sector is projected to grow at a 19 per cent CAGR, unlocking a USD 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. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trekking pants for mountain sports and adventure travel Trek Kit India Shop Now Undo According to the report, the mining and construction sector, a key enabler of infrastructure, energy, and industrial growth, commands a USD 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. Live Events The expansion of the MCE sector is projected to contribute over USD 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.
