India Eyes Rs 3.7 Lakh Crore Opportunity in Mining Equipment by 2030
India is set to unlock a $45 billion (approx. ₹3.7 lakh crore) opportunity in the mining and construction equipment (MCE) sector by 2030, according to a new report by the Confederation of Indian Industry (CII) and global consultancy Kearney.
Titled Vision Report 2030, the study outlines a roadmap to transform India into a global manufacturing hub in the MCE segment. Currently valued at $16 billion, the sector is projected to grow at a 19% compound annual growth rate (CAGR), driven by rising infrastructure demand, domestic manufacturing reforms, and global shifts in supply chains. The report positions India as the fastest-growing MCE market among the world’s top six economies—outpacing the US, Germany, and Japan. The mining and construction sectors globally represent an $18 trillion market and contribute 16% to global GDP. In India, these sectors contribute 22% to GDP and support over 70 million jobs, making them vital to national development.
The MCE segment alone could add over $100 billion to India’s economy by 2029–30 and create 20 million jobs directly or indirectly. The report lays out key reforms needed to realise this opportunity. These include setting up a single nodal governance body, extending the Production Linked Incentive (PLI) scheme to MCE, and accelerating exports through Free Trade Agreements (FTAs). It also calls for mutual recognition of Indian certification standards, greater automation, green technology incentives, and a regulatory overhaul to revitalise underground mining and mineral beneficiation.
The study urges strategic investment in R&D and innovation through dedicated consortia and start-up accelerators, alongside rationalised taxes and import duties to attract global OEMs and suppliers.
