How do you look at the market of logistics for construction equipment in India?
Indian Construction Equipment market is revolutionizing in terms of the development of the infrastructure and construction sector in the country. Growing public & private infrastructure, FDI reforms for the construction sector, and highway projects has led to the overall surge in demand for construction equipment in India. India is expected to become the world's third-largest construction market by 2022. India will require an investment worth Rs. 50 trillion (US$ 777.73 billion) for infrastructure growth by 2022, for sustainable development in the country. The initiative 'Infrastructure for Resilient Island States' (launched in November 2021) gives India a huge opportunity to contribute to the betterment of other developing countries worldwide. In March 2021, the Parliament passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India, which was a good initiative. According to the publisher, India’s Construction Equipment Market size is projected to grow at CAGR of 23.3% during 2021-27. The growth can be attributed to rising investment in the growing public & private infrastructure, FDI reforms for the construction sector, and highway projects, has led to the overall surge in demand for the construction equipment market in India. In addition, the government’s upcoming projects such as Smart City, Golden Corridor, Housing for all, restructuring and expansion of railways, etc. would bolster the growth of construction equipment during the period. The construction sector occupied more than 60% of the revenue share in the country in 2020, owing to the high use of construction equipment in various applications such as retail, government & transportation, commercial offices, industrial & manufacturing, railways and residential. The market is witnessing an upward trend in adopting multifunctional equipment to cater a wide range of applications for construction and mining sites.
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