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Indian Construction Equipment Industry Thrives with 31% YoY Growth in Q2 FY24

Indian Construction Equipment Industry Thrives with 31% YoY Growth in Q2 FY24

The Indian Construction Equipment industry experienced robust growth, with a 31% year-on-year increase in sales during Q2 FY24, totaling 30,078 units. The surge is attributed to a focus on infrastructure development by the government, evident in the increased budgetary allocations, especially in road infrastructure. All major equipment segments showed positive growth, with notable increases in Road Construction Equipment (65%) and Material Handling and Processing Equipment (66% each). The momentum is expected to continue, driven by ongoing infrastructure projects and the government's directive to spend 80% of the infrastructure budget by December 2023. The industry, which surpassed 100,000 unit sales in the previous fiscal, anticipates a 15-20% growth in sales for the entire FY24.


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