New Delhi, 25 February (H.S.): Union Minister for Heavy Industries and Steel HD Kumaraswamy stated on Wednesday that India's capital expenditure will propel the construction equipment sector toward global leadership. He also emphasized the critical role of a robust financing framework in accelerating India's infrastructure and manufacturing ambitions.
Addressing the sixth annual Construction Equipment Finance Conference in New Delhi on Wednesday, Kumaraswamy remarked that the conference theme—Building a Resilient Infrastructure and Construction Equipment Financing Ecosystem: Domestic Manufacturing for Global Reach—is both timely and pertinent.
India today stands as the world's fourth-largest economy, steadfastly advancing toward becoming the third-largest in the coming years. This growth trajectory is fueled by infrastructure expansion, a strengthened manufacturing sector, and sustained capital investment.
HD Kumaraswamy noted that the government is constructing not only physical assets but also long-term industrial capacity. He underscored the Heavy Industries Ministry's proactive role in fortifying the construction equipment ecosystem through targeted policy interventions and incentive frameworks. He affirmed that the government's commitment is evidenced by the historic allocation of ₹12.2 lakh crore for public capital expenditure in the Union Budget 2026-27.
This infusion, he said, will provide structural impetus to highways, railways, logistics corridors, ports, renewable energy infrastructure, and urban expansion in the years ahead.
Kumaraswamy also highlighted the proposed scheme under the Heavy Industries Ministry for promoting Construction and Infrastructure Equipment (CIE), aimed at bolstering domestic manufacturing of high-value and technologically advanced equipment.He explained that this initiative seeks to build strategic capacity within the country, empowering domestic manufacturers to innovate securely and compete globally. Kumaraswamy revealed that the current value of India's construction equipment market stands at approximately $9.5 billion, expected to more than double by 2030.
The sector achieved sales of over 140,000 units in fiscal year 2025 and has set an ambitious target to evolve into a $25 billion market by the end of the decade.
---------------
Hindusthan Samachar / Jun Sarkar
