Mining & Construction Equipment Sector Set To Hit USD 45 Bn By 2030: CII-Kearney Report

(MENAFN- KNN India) New Delhi, May 28 (KNN) India's mining and construction equipment (MCE) sector is projected to grow to USD 45 billion by 2030, according to a comprehensive report released jointly by the Confederation of Indian Industry (CII) and consulting firm Kearney.

The CII-Kearney report outlines several critical policy and structural interventions necessary to achieve the Vision 2030 targets.

These recommendations focus on institutional governance improvements, including the establishment of a single nodal agency to streamline sector oversight and coordination.

The report advocates for the introduction of a Production Linked Incentive (PLI) scheme specifically designed for the MCE sector, similar to successful PLI implementations in other industrial segments.

Export acceleration represents another key priority, with recommendations centered on leveraging Free Trade Agreements to enhance market access and competitive positioning.

The report emphasises the importance of securing mutual recognition of Indian certification standards, which would facilitate international market penetration and establish India as a reliable supplier of high-quality mining and construction equipment.

Technological advancement forms a central component of the recommended development strategy, with emphasis on promoting automation adoption and supporting clean technology research and development initiatives.

The report calls for the creation of National R&D consortia and startup accelerators to foster innovation within the sector and develop indigenous technological capabilities.

Green incentives are highlighted as essential tools for encouraging sustainable practices and supporting environmental compliance across mining and construction operations.

The report identifies several regulatory areas requiring attention to unlock the sector's full potential.

Tax rationalisation and import duty adjustments are recommended to improve cost competitiveness and support domestic manufacturing capabilities.

The comprehensive approach addresses both immediate operational challenges and long-term strategic positioning within the global mining and construction equipment market.

(KNN Bureau)

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