With an aim to improve connectivity and reduce logistics cost, the Ministry of Road Transport and Highways (MoRTH) plans to award road contracts worth Rs 3 lakh crore within the next three months.
By the close of the current fiscal year, it aims to award contracts worth Rs 5 lakh crore. The announcement was made by Union Minister for Road Transport & Highways Nitin Gadkari at the annual session of the Indian Construction Equipment Manufacturers’ Association, recently.
The Indian Ministry has awarded a total of 95 kilometres worth of projects until June this year. The Minister has given assurances to the construction equipment industry, pledging full government support.
The Minister has also encouraged the industry to aim to elevate India from its current position as the world’s third largest construction equipment market to become the largest.
India’s construction equipment market is currently valued at Rs 79,000 crore, with the industry’s total volume standing at 1.35 lakh units. This is projected to almost double by 2030, reaching 2.5 lakh units. This significant growth underlines the rising demand and expansion in India’s construction sector.
