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Indian Road Transport & Highways Minister Nitin Gadkari announced that MoRTH will award road contracts worth ₹3 lakh crore within three months, announcing this at the annual session of the Indian Construction Equipment Manufacturers Association. The Minister emphasized India’s construction equipment industry’s vital role in infrastructure development, aiming to finalize contracts worth ₹5 lakh crore by March 2025, a target well-received by the industry.
Gadkari urged road contractors to uphold high standards while reducing construction costs by utilizing green fuels, advocating for the use of methanol in engines. The Ministry awarded 95 km of projects in June, pledging full government support to the construction equipment industry, aiming to make India the world’s largest market. India’s construction equipment market, valued at ₹79,000 crore, currently comprises 1.35 lakh units, with a projected increase to 2.5 lakh units by 2030.
The government plans to review customs duties on imports and support the CE Industry, which is crucial for economic growth and job creation, with 3.4% of GDP allocated to it. The third-largest construction equipment market in the world has the potential to become the largest and most prominent, with the goal of setting new industry benchmarks.
Group Media Publication
Construction, Infrastructure and Mining
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