India's mining, construction equipment sector likely to reach $45 billion by 2030: CII report

27 May 2025 Evaluate

The Confederation of Indian Industry (CII), in collaboration with Kearney, has released a report indicating India's mining and construction equipment sector is likely to reach $45 billion in another five years. It added that currently the sector is valued at $16 billion and is projected to grow at a 19 per cent CAGR, unlocking a $45 billion opportunity by 2030. 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 mining and construction equipment (MCE) sector and outlines an action plan.

India is now the fastest-growing MCE market among the top six global economies, surpassing even the US, Germany and Japan. The CII in its report has emphasized the contribution of the mining and construction sector in global infrastructure, energy, and industrial growth highlighting that the sector commands a $18 trillion global market and contributes 16 per cent to global GDP. Meanwhile, highlighting importance of the sector, it added that sector contributes 22 per cent to the Indian GDP, supporting over 70 million jobs. The also added that India is the fastest-growing market among the top six global MCE markets, with a CAGR of 12 per cent over the past five years. It pointed out that India's rapid growth is positioning it as a key player in the global MCE landscape.

As per the report, the expansion of the MCE sector is projected to contribute over $100 billion to India's economy by FY30, adding 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. Moreover, to realise the full potential of Vision 2030, the report recommended structural and policy initiatives, institutionalising 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, rationalising tax and import duties among others.

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