India to invest over INR 100 lakh crore in next five years
Bangalore: Construction sector will have a major contribution to Indian Prime Minister’s Narendra Modi’s vision to make India a USD 5 trillion economy, said Chief Minister, Government of Karnataka,” Shri. Basavaraj Bommai,
He was delivering his inaugural address at the 11th edition of CII EXCON, South Asia’s largest construction equipment trade fair organised by the Confederation of Indian Industry (CII).
Basavaraj said, “The infrastructure sector is receiving an intense push from the Government, propelling India’s overall development and GDP. The new policies announced by the Government of India would ensure the time-bound creation of world-class infrastructure in the country, making it India’s new identity globally.” To achieve this goal, the government is embarking on major infrastructure and industrial projects worth INR 100 lakh crores. “Though our major focus should be growing exponentially in the country by advancing our technologies, inclusion of people at the bottom of the pyramid is also critical since they are the movers of the economy. We urge the industries to collaborate with them to further enable the CE sector,” he said.
The Minister mentioned that the state presents huge business opportunities for the construction industry, as it is embarking on major infrastructure development projects in roads and flyovers, industrial infrastructure and power.
Participating as the Guest of Honour, General V K Singh and Minister of State for Road Transport and Highways, Government of India, said, “India is an emerging hub for construction equipment, component outsourcing base and design base. The private players in the construction industry must concentrate on automation, adoption of advanced technologies and global best practices, usage of alternate fuels, and innovations in using waste materials as raw materials for their construction projects to diminish the cost of construction and rate of pollution.”
“Infrastructure must be sustainable and the industry should take measures to enhance the quality at an affordable life cycle cost. India is working hard on hydrogen fuel technology and solar energy since we consider it as the future of the country,” V K Singh added.
Deepak Shetty, Chairman of CII EXCON said, “This is the eleventh edition of the EXCON and the three key strategies that will help us to fast-track developments are – focusing on new growth drivers, understanding the significance of rural economy and curate a roadmap for alternate fuels.”
The role of smart technologies and innovation in India’s infrastructure development is paramount in achieving the vision of making India the global hub for construction equipment manufacturing.
EXCON also presented the “Women Building India Awards” to recognize the inclusion of women in the infrastructure industry. Women champions from Cummins India Ltd, Volvo CE India Pvt. Ltd, Schwing Stetter India Pvt. Ltd and L&T Constructions and Mining Machinery were recognized for their efforts towards the same.
The event spreads over 300,000 square metres of display area and attracted over 800 exhibitors from India and abroad including countries like Belgium, Czech Republic, France, Germany, Italy, South Korea, Spain, Sri Lanka, UAE, UK and USA.