07 August 2020

Editor's Space

Hope Street


The previous year did not bring many smiles for OEMs. Yet, the equipment industry is hoping for the revival of the market in the coming few quarters. The Indian economy is currently around Rs.190 lakh crore (GDP at current market prices, 2018-19) which comes out to be $2.8 trillion, converting it in dollar terms taking average exchange rate of the financial year. Depiction of the Indian economy, projecting the country's gross domestic product (GDP) would grow at 7% in 2019-20, against a five-year low of 6.8 per cent the preceding year. This low in GDP was with political stability facilitating a pick-up in demand and investments.


Even in times of despair, the 10th edition of Excon was an ideal platform to connect all infrastructure stakeholders, including policymakers, investors, and developers, with the exciting growth story of India’s infrastructure. Over the last 9 editions, the event has grown into one of the topmost construction equipment exhibitions in this part of the world.


At the inaugural of EXCON 2019, Nitin Gadkari, Minister for Road, Transport & Highways ensured the construction equipment industry of 40 percent increase in sales soon.“For the roads, the government is invested around Rs. 2 lakh crore, this year. This will eventually increase to Rs. 3 lakh crore by next year. And, within the next five years, the total government spend on the road infrastructure will be about
Rs. 17 lakh crore,” he said.


Similar to the construction equipment industry, the affordable housing sector in India is going through interesting times. A robust economy, a galloping urban population, rising incomes in urban, rural economies and home loans available due to priority lending classification, will all ensure that the affordable pie realises its full potential as a long term growth story. Affordable housing will also grow into a major growth engine for the economy.


So let’s hope that 2020 brings with it a ray of new beginnings and pumps new life into the market. Wishing you all a prosperous and happy 2020.


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