India’s mining and construction equipment (MCE) industry is poised for significant growth, aiming to reach a $45 billion market by FY2030. This expansion is driven by the government’s ambitious infrastructure initiatives and a push for mineral self-reliance. However, the sector faces challenges such as regulatory delays, complex ore processing, and increasing competition from Chinese original equipment manufacturers (OEMs) like Sany, XCMG, and Zoomlion.
To address these issues, industry experts and stakeholders are advocating for strategic government interventions and industry collaboration. Recommendations include rationalizing Goods and Services Tax (GST) structures, reducing import duties, and implementing a dedicated Production-Linked Incentive (PLI) scheme tailored for MCE manufacturing. Such measures aim to enhance cost competitiveness and foster innovation within the sector.
The government’s 10-point action plan for Vision 2030 encompasses various initiatives, including regulatory clarity on equipment homologation, export-promotion schemes, adoption of digital technologies in public projects, and establishment of a national R&D consortium. These efforts are expected to bolster India’s position as a global hub for mining and construction equipment manufacturing.
As the sector navigates these challenges and opportunities, its trajectory will significantly impact India’s infrastructure development and economic growth in the coming years.