The Indian construction equipment (CE) industry, which aspires to become the world’s second largest by 2030, is believed to have grown by 25% year on year in FY2023, surpassing 100,000-unit sales for the second year in a row. The main reason for this smart rise in the industry’s fortunes is the sharp increase in road and infrastructure construction activity across the country, driven by the massive governmental spend as well as private sector programmes. The current and future project pipeline is expected to enable the CE sector achieve 15-20% growth year-on-year growth in FY2024 before declining sharply to flat growth and even -10% in FY2025, following the general elections.
Sales in fourth quarter of FY23 increased by 23% y-o-y and by 22% quarter-on-quarter over Q3FY23. On a month-on-month basis, sales in March 2023 increased by 17% over February 2023, said a latest report by industry apex body Indian Construction Equipment Manufacturers’ Association (ICEMA).
Union Road and Transport Minister Nitin Gadkari has announced a provisional target for the construction of approximately 13,800km of National Highways in the fiscal year 2023-24. As of June 2023, 2,250 km of NHs have already been constructed, progressing towards achieving the set target. Gadkari highlighted the improved quality of construction materials used in road projects, including higher CBR soil, higher modulus bitumen/modified bitumen, high-strength concrete, and high-strength steel.
This story is from the August 2023 edition of Construction Week.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 2023 edition of Construction Week.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
PROOF IS IN THE ROOF
Roofing, cladding and waterproofing are not concerns that you constantly need to spend on, if you get it first time right
SAVE YOURSELF
Green buildings are the way to go if you want to live a healthier life and also save the environment
THE LONG VIEW
Facades, fenestration and cladding are now more high-end and sophisticated. What has evolved?
PRUDENT PURSUITS
Ajay Ashar, CMD, Ashar Group, is known for his meticulous approach and commitment towards his projects that help him stand out among peers in the competitive real estate market
MACE TO TRANSFORM AHMEDABAD RAILWAY STATION
The redevelopment project covers almost 40 hectares
RITES INKS PACT WITH BANGLADESH RAILWAY
Rites has been a old partner in Bangladesh's path to infrastructure development
K RAHEJA CORP HOMES' MAIDEN VENTURE IN SION
Will feature 3, 3.5, and 4-bed homes with decks
GODREJ JARDINIA HITS RS 2,000 CRORE BOOKING VALUE!
Sector 146 is a prominent upcoming residential corridor in Noida
TRIFECTA PROJECTS UNVEILS TRIFECTA VANTO
Is located in the prime area of Sarjapur Road
KANODIA GROUP TARGETS RS 1000 CR REVENUE
The location of the acquired land is considered prime