New Delhi [India], May 26 (ANI): India is poised to unlock a USD 45 billion opportunity in mining and construction equipment sector by 2030, according to a joint report by CII-Kearney.

Confederation of Indian Industry (CII), in collaboration with Kearney, a global management consulting firm, has come out with a 'Vision Report' for making India a global manufacturing hub in the mining and construction equipment sector.

The report presents a bold Vision 2030 to position India as a global leader in India's mining and construction equipment (MCE) sector and outlines an action plan.

Currently valued at USD 16 billion, the sector is projected to grow at a 19 per cent Compound Annual Growth Rate (CAGR), unlocking a USD 45 billion opportunity by 2030, the joint report asserted.

India is now the fastest-growing MCE market among the top six global economies, surpassing even the US, Germany, and Japan, the report asserted.

According to the report, the mining and construction sector, a key enabler of infrastructure, energy, and industrial growth, commands a USD 18 trillion global market and contributes 16 per cent of global GDP.

In India, this sector is central to national development, contributing 22 per cent to GDP, ranking second only to China, and supporting over 70 million jobs.

India is the fastest-growing market among the top six global MCE markets, with a CAGR of 12 per cent over the past five years!

The expansion of the MCE sector is projected to contribute over USD 100 billion to India's economy by 2029-30 including 20 million jobs directly or indirectly.

This impact is driven by the growth of upstream and downstream industries, job creation and a boost to tax revenues, the report said.

To realise the full potential of Vision 2030, the report recommends structural and policy initiatives. Institutionalizing governance via a single nodal agency, Production Linked Incentive (PLI) scheme tailored for MCE, Accelerating MCE exports through Free Trade Agreement (FTAs), establishing mutual recognition arrangements for Indian certification standards, promoting technology adoption and automation, Rationalizing tax and import duties, Creating innovation forums including National R&D consortia and start-up accelerators, green incentives and clean-tech R&D support, Revamping underground mining and beneficiation regulations to unlock mineral potential are the key recommendations. (ANI)