The recent turn around in the ECE industry is helping India’s growth story, but sustaining the momentum is key.
IT IS INDEED GREAT NEWS for any economy, if there is a sustained spurt in demand for excavators, backhoe and wheeled loaders, dumpers/tippers, and pick-and-carry cranes among others. If you are wondering what these are, well, these and other similar specialised automotive equipment constitute what is known as ECE or earth moving and construction equipment industry. A growing demand for such equipment means only one thing — that the infrastructure sector is on an overdrive; that construction activities are in full swing; and that new roads, ports, canals, flyovers, railway tracks, buildings and related infrastructure projects are underway. For the last 18 months or so, it’s been true for India.
The Indian ECE industry is witnessing revival and an upswing after a gap of four years. It is expected to virtually double to $5 billion or more by FY19-20 from its current size of around $2.8 billion. “The ECE industry showed a significant growth in 2016 after a downcycle that lasted for four years. It grew by 43 per cent in 2016 compared to 2015. But even after registering a strong growth, the industry is yet to reach the peak it had attained in 2011 in terms of volumes,” says Vipin Sondhi, managing director and chief executive officer of JCB India, one of the leading manufacturers of ECE equipment. “You can say one out of two ECE sold in India is a JCB machine,” adds Sondhi.
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