India's mining, construction equipment sector likely to reach Rs. 3,83,850 crore (US$ 45 billion) by 2030: Report

India's mining and construction equipment (MCE) sector is on the cusp of significant expansion, with a new report projecting it to reach Rs. 3,83,850 crore (US$ 45 billion) by 2030, representing a 19% CAGR. The Confederation of Indian Industry (CII) and Kearney have collaborated on the Vision 2030 report, which aims to position India as a global manufacturing hub in this sector. Currently valued at Rs. 1,36,480 crore (US$ 16 billion), the sector will unlock a 3,83,850 crore (US$ 45 billion) opportunity by 2030. India is now the fastest-growing MCE market among the top six global economies, surpassing the US, Germany, and Japan. The mining and construction sector, a key enabler of infrastructure, energy, and industrial growth, commands a Rs. 15,35,40,000 crore (US$ 18 trillion) global market and contributes 16% to global GDP. In India, this sector is central to national development, contributing 22% to GDP, ranking second only to China, and supporting over 70 million jobs.
The expansion of the MCE sector is projected to contribute over Rs. 8,53,000 crore (US$ 100 billion) to India's economy by FY30, adding 20 million jobs directly or indirectly. The growth of upstream and downstream industries, job creation, and a boost to tax revenues drive this impact. To realise the full potential of Vision 2030, the report recommended structural and policy initiatives, including institutionalising governance via a single nodal agency, a Production Linked Incentive (PLI) scheme tailored for MCE, accelerating MCE exports through Free Trade Agreements (FTAs), establishing mutual recognition arrangements for Indian certification standards, promoting technology adoption and automation, and rationalising tax and import duties among others.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.