NEW DELHI: The domestic construction equipment industry has the potential to grow over six-fold to $20 billion by 2022 and is poised to play a larger role in ‘Make In India’ drive, a CII official said.
“The construction equipment industry has the potential to grow to $20 billion by 2022 from the present market share of about USD 2.9 billion on the back of infrastructure growth,” CII senior executive JCB India MD & CEO Vipin Sondhi told PTI.
Sondhi said with the proactive measures by the government, especially in the road transport and highways sector, were bound to bolster economic activities in the infrastructure sector.
“There is optimism in the industry. Highways sector is one area where a lot of initiatives have been taken to roll out stuck projects and there is a need to replicate it across various segments,” Sondhi said.
With stranded projects moving now in the sector, the industry is hopeful that similar steps would be taken in other areas, he said, adding measures were needed to address the bottlenecks faced by projects at the centre as well as states.
As far as the land is concerned the government could set up a Land Bank Corporation with the land available with the Railways, Defence, Ports, PSUs etc and utilise it.
“CII believes that if the government offers projects with necessary clearances and other due diligence not only the industry would benefit but the country would tremendously benefit as India has huge growth opportunities unlike China, Brazil, Russia and Europe,” he said.
Sondhi who is also Chairman, EXCON, which is the international construction equipment and construction technology trade fair, said the exhibition to be organised in Bangalore later this month is bound to catch the fancy of international players who have shown enthusiasm in participating in it.
The focus of the event from November 25 to 29 is ‘Make in India- Building Infrastructure, Building the Nation’ and the number of exhibitors have grown 10.5 per cent to 808 this year, he said.
The CII expects 32,000 specialised visitors including representatives from foreign players, PSUs, various government Ministries like Defence, Railways, Highways and Shipping and contractors and developers.