Construction Equipment Manufacturing aligning with targets of Viksit Bharat@2047
The Indian Construction Equipment Manufacturers Association (ICEMA), under the umbrella of the 1st edition of the Bharat Construction Equipment Expo (BCEE), hosted the 3rd Construction Equipment Manufacturing and Supply Summit. Chief Guest Vijay Mittal, Joint Secretary, Ministry of Heavy Industries (MHI), Government of India, remarked, “The resilience of local manufacturing supply chains is extremely relevant today as we aim to curb imports and achieve more than 50% indigenization of components across the board, in the true spirit of ‘Make in India.”
He further stated, “It is very promising to see India’s growing contribution to academic output and the increasing number of patents being filed. However, the challenge lies in commercializing this knowledge to make it market-ready. The share of capital goods in GDP needs to grow from its current level of 2-3 percent. To achieve this, the capital goods sector must grow at a higher rate than the GDP. The construction equipment (CE) industry plays a significant role in this, as it is one of the most proactive and responsive sectors under MHI. Additionally, the ministry is committed to supporting the industry by providing a facilitative policy environment.”
The theme of the Summit, ‘CE Industry Driving Progress and Growth: Towards a Viksit Bharat @ 2047,’ brought together industry stakeholders, policymakers, and thought leaders to deliberate on topics relevant to creating a thriving CE manufacturing sector underpinned by a robust supply chain.
V. G. Sakthikumar, Convener of the ICEMA Manufacturing & Supply Chain Panel, Treasurer of ICEMA, and Managing Director of Schwing Stetter India Pvt. Ltd., said, “The next decade is going to be critical for the Indian CE industry due to the rapid pace of infrastructure development. The Government aims to create world-class infrastructure across the country at least ten years ahead of the Viksit Bharat endpoint. Most global OEMs in the CE sector have their innovation centers within India, where products are developed for the global market.”
V. Vivekanand, President of ICEMA and Managing Director of Caterpillar India Pvt. Ltd., highlighted the industry's growth trajectory. He said, “The Indian CE industry has grown threefold, from US$ 3.5 billion to US$ 10 billion over the past ten years. According to our CE Vision 2035 document, we have the potential to grow another threefold or more over the next decade, reaching US$ 35 billion.” He also emphasized the importance of adopting advanced technologies to build a resilient and robust CE supply chain, positioning India as a global CE manufacturing hub.
