India Poised to Unlock $45 Billion Opportunity in Mining and Construction Equipment by 2030: CII-Kearney Report
Confederation of Indian Industry (CII), in collaboration with Kearney, has come out with a Vision Report for Making India a Global Manufacturing Hub in the Mining and Construction Equipment Sector.
The report presents a bold Vision 2030 to position India as a global leader in the India’s mining and construction equipment (MCE) sector and outlines action plan. Currently valued at $16 billion, the sector is projected to grow at a 19% CAGR, unlocking a $45 billion opportunity by 2030. India is now the fastest-growing MCE market among the top six global economies, surpassing even the U.S., Germany, and Japan.
According to the report, the mining and construction sector, a key enabler of infrastructure, energy, and industrial growth, commands a $18 trillion global market and contributes 16% of 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. India is the fastest-growing market among the top six global MCE markets, with a CAGR of 12% over the past five years! India’s rapid growth is positioning it as a key player in the global MCE landscape.
The expansion of the MCE sector is projected to contribute over $100 billion to India's economy by FY30 including 20 million jobs directly or indirectly. This impact is driven by the growth of upstream and downstream industries, job creation and a boost to tax revenues.
To realize the full potential of Vision 2030, the report recommends structural and policy initiatives. Institutionalizing governance via a single nodal agency, Production Linked Incentive (PLI) scheme tailored for MCE, Accelerating MCE exports through FTAs, establishing mutual recognition arrangements for Indian certification standards, promoting technology adoption and automation, Rationalizing tax and import duties, Creating innovation forums including National R&D consortia and start-up accelerators, green incentives and clean-tech R&D support, Revamping underground mining and beneficiation regulations to unlock mineral potential are the key recommendations.
26 May 2025
New Delhi