India's Mining and Construction Equipment Sector: A USD 45 Billion Vision by 2030

India's mining and construction equipment (MCE) sector is on a trajectory to achieve a remarkable milestone, with an anticipated valuation of USD 45 billion by 2030. A recent report by CII-Kearney highlights this growth, showing a significant leap from the current USD 16 billion valuation.

The Vision 2030 initiative by the Confederation of Indian Industry (CII) and Kearney outlines a robust plan to establish India as a global leader in the MCE sector. This sector is pivotal in shaping infrastructure, energy, and industrial growth, contributing substantially to the global GDP and providing significant employment opportunities.

To harness the full potential of this vision, the report suggests several strategic recommendations. These include creating a single nodal agency for governance, instituting a tailored Production Linked Incentive scheme, promoting technological innovation and exports, and revising tax and import duties, thereby fostering a conducive environment for rapid sectoral growth.

(With inputs from agencies.)