Indian CE Industry heads for 14-15 % growth rate: CRISIL
Riding high on the government's significant focus on infrastructure spending, the domestic construction equipment sector is expected to grow by 14-15 percent in FY24, as per Crisil Ratings. Additionally, construction activities in the real estate and mining sectors are anticipated to provide further support. As a result, revenue for the domestic construction equipment sector is likely to grow by 14-15 percent in the current fiscal year, building upon a high base of 29 percent growth in the previous fiscal year. This growth will be driven by the government's sustained emphasis on infrastructure development, particularly in projects related to roads, metros, and railways, including those falling under the National Infrastructure Pipeline (NIP), as stated by Director Crisil Ratings Poonam Upadhyay. In fact, the increased pace of road construction, which accounts for 40 per cent of the demand for construction equipment, augurs well for the sector's growth. Manufacturers are also witnessing robust demand from the real estate and mining sectors, as well as from contractors involved in bridge, airport, and metro corridor projects.
📅Published on:
16 October 2023
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