In a significant stride towards bolstering India’s infrastructure development, the Confederation of Indian Industry (CII) organized a conference to fully unlock the potential of Atmanirbhar Bharat and how the CE industry is gearing up to leverage India’s manufacturing prowess. The conference, ‘Towards Making Indian CE Industry Atmanirbhar & Global Manufacturing Hub’ focused on the enhancing ease of doing businesses in India and positions the industry as an attractive investment destination.
The Guest of Honor, Mr Sanjeet Singh, Senior Advisor, Niti Aayog said, “The construction equipment industry witnessed a historic milestone last year, surpassing the 1 lakh sales volume mark for the first time last year. In the coming years, fueled by healthy momentum from infrastructure development, the industry aims to achieve a 20% increase in sales.”
While India ranks among the top seven global FDI destinations, there is a crucial need to learn from the service sector’s success and position the nation as a manufacturing FDI destination. The construction equipment industry emerges as a major growth driver, propelled by government-led manufacturing initiatives. Niti Aayog’s strategic focus on infrastructure development aligns with the need for bankable projects to attract investments, with an added emphasis on sustainability.
Speaking about Karnataka’s instrumental growth in the sector, Ms Gunjan Krishna, IAS, Commissioner for Industrial Development & Director, Industries & Commerce, Government of Karnataka mentioned that “Karnataka has emerged as an economic powerhouse, recording a remarkable growth rate of 12% over the past decade. Bengaluru, its capital, stands as one of the few cities globally to attract significant Foreign Direct Investment (FDI), with a reputation for excellent manufacturing capabilities. Notably, Bengaluru supplies 50% of machinery and hosts 40% of research and development activities in Karnataka. Karnataka’s imminent fillip in the construction sector is propelled by state-of-the-art infrastructure and a strategic location.”
Mr Sandeep Singh, Chairman, EXCON Task Force on Atmanirbhar Bharat in his concluding remarks, underscores the need for India to touch 30 trillion by 2040, emphasizing sustainable growth and world-class infrastructure. Karnataka’s exemplary performance, particularly its emphasis on Micro, Small, and Medium Enterprises (MSMEs), positions it as a pivotal player in attracting investments to fuel India’s economic ascent.
As India embarks on its journey towards economic rejuvenation, Karnataka emerges as a beacon of opportunity, showcasing resilience, strategic vision, and a commitment to sustainable growth.