India's MCE industry forecasts 70-80% growth to $25B by 2030, driven by localization and government incentives.

India's mining and construction equipment (MCE) industry is projected to grow by 70-80% over the next 5-7 years, potentially reaching a $25 billion market by 2030. Increased localization may save nearly $3 billion in foreign exchange annually, enhancing cost competitiveness and export potential. The industry has seen a 12% annual growth rate, driven by government initiatives like the Production Linked Incentive scheme and shifts in global investment strategies.

October 12, 2024
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