The Ministry of Road Transport and Highways (MoRTH) is set to significantly advance its infrastructure development plans with an unprecedented INR 3 lakh crore in road contracts anticipated to be awarded within the next three months.
This monumental push is part of a broader strategy to award a total of INR 5 lakh crore in contracts by the end of the current fiscal year. This ambitious plan was unveiled by Road Transport and Highways Minister Nitin Gadkari during the annual session of the Indian Construction Equipment Manufacturers’ Association on August 1, 2024. As of June 2024, the MoRTH has already approved projects spanning 95 kilometres. The ministry’s aggressive roadmap is expected to stimulate the construction sector and bolster the demand for construction equipment across the country.
Minister Gadkari assured full support from the government to the construction equipment industry, emphasising a collaborative effort to propel India from being the third largest construction equipment market globally to the leading position. Currently, India’s construction equipment market is valued at INR 79,000 crore, encompassing a total volume of 1.35 lakh units. The market is projected to experience significant growth, with estimates suggesting it could nearly double by 2030, reaching 2.5 lakh units.
Minister Gadkari’s announcement reflects the government’s commitment to not only enhancing national infrastructure but also fostering growth within the domestic construction equipment industry. The substantial increase in contract awards is anticipated to generate extensive opportunities within the sector, potentially setting new benchmarks for infrastructure development in India.
