Summary:

India’s mining and construction equipment (MCE) sector is projected to reach Rs. 3,83,850 crore (US$ 45 billion) by 2030, with a compound annual growth rate (CAGR) of 19%. The CII-Kearney Vision 2030 report positions India as a potential global industrial powerhouse. Currently valued at Rs. 1,36,480 crore, the industry is the fastest-growing among major economies, contributing 22% to India's GDP and supporting over 70 million jobs.

By FY30, the MCE industry is expected to contribute Rs. 8,53,000 crore (US$ 100 billion) to India's GDP, generating 20 million jobs. Growth in associated industries, tax revenue, and employment all drive this impact. To realize the Vision 2030 goals, the report recommends establishing a dedicated nodal agency, launching an MCE - specific Production Linked Incentive (PLI) scheme, leveraging free trade agreements, enabling global certification recognition, and promoting technology adoption, automation, and simplified tax and import duties. These measures aim to position India as a global leader in the MCE sector.

Source: IBEF

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