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Indian Construction Equipment Industry Thrives with 31% YoY Growth in Q2 FY24, Fueled by Government Initiatives and Local Construction Boom

In Q2 FY24, the Indian Construction Equipment industry witnessed a substantial 31% year-on-year growth in sales, totaling 30,078 units, with 27,423 units sold domestically and 2,655 units exported. The surge is attributed to increased infrastructure project implementations, boosted by a 17% rise in budgetary allocations to the sector and a focus on road construction. All major equipment segments, including Earthmoving (23%), Road Construction (65%), Material Handling, and Processing Equipment (66% each), and Concrete Equipment (47%), experienced positive growth. Monthly sales in September 2023 rose by 22% compared to August, driven by government initiatives and robust local construction activities. The industry anticipates sustained growth, aiming for a 15-20% increase in sales throughout FY24, buoyed by ongoing projects and governmental directives.