All set with sleeves fold, the Ministry of Road Transport and Highways (MoRTH) is planning to award road contracts worth Rs 3 lakh crore within the next three months with the primary goal of improving connectivity as well as reducing the logistics cost.
MoRTH to Award ₹5 Lakh Crore in Road Contracts by Fiscal Year-End, Minister Gadkari Announces
It also aims to award contracts worth Rs 5 lakh crore by close of current fiscal year. The announcement was made by the Union Minister for Road Transport & Highways, Nitin Gadkari, at the annual session of the Indian Construction Equipment Manufacturers’ Association.
A total of 95 kms worth of projects has been awarded by Indian Ministry until June this year.
Pledging the government support, the Minister has given assurances to the construction equipment industry.
India’s Construction Equipment Market: Aims to Become Top Global Player by 2030
Currently, India is world’s third largest construction equipment market.
Gadkari also encouraged the industry to aim to elevate India from its current 3rd to being the top market in the world.
Currently valued at Rs 79,000 crore, India’s construction equipment stands with the industry’s total volume standing at 1.35 lakh units.
By 2030, experts have projected the number to almost double and reach 2.5 lakh units. This significant growth underlines the rising demand and expansion in India’s construction sector.
