Construction Industry News
The outlook for the construction equipment industry in India is optimistic as the infrastructure need in the country will continue to grow tremendously.
Our current infrastructure is already bursting at the seams, with GDP growth only going to increase the pressure on critical infrastructure, notes Blesson Varghese, Managing Director, Asia Astec. A clear vision, purposeful governance and policies based on growth would mean that the market in India would more than double in the next five years.
Recently, the Indian Construction Equipment Manufacturers Association said India should become the second largest construction equipment market by 2030, reports Deepak Shetty, CEO and MD, JCB India.
Rapid urbanization and infrastructure activities are estimated to help India's construction equipment market reach over $4.7 billion by 2025. Higher budget allocations to roads, metro rails, viaducts and commercial complexes will further stimulate the market in the coming years. Major projects include the bullet train, metro rails in urban areas, Bharatmala and Sagarmala. Increased mining activity and foreign direct investment are also boosting demand.
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