Union Minister for Heavy Industries and Steel, HD Kumaraswamy, highlighted the government’s allocation of Rs 12.2 lakh crore as capital expenditure in the Budget for 2026-27. This move is expected to drive India’s construction equipment industry towards global leadership. Speaking at the Annual Construction Equipment Finance Conclave in New Delhi, Kumaraswamy stressed the importance of a strong financing system in advancing India’s infrastructure and manufacturing goals.
The Minister pointed out that India is currently the world’s fourth-largest economy and is on track to become the third-largest in the near future. He attributed this growth to the expansion of infrastructure, manufacturing capabilities, and consistent capital investments. Kumaraswamy commended the conclave’s focus on “Building a Resilient Infrastructure and Construction Equipment Financing Ecosystem” as aligned with India’s growth trajectory and timely in nature.
Underlining the government’s infrastructure initiatives led by Prime Minister Narendra Modi, Kumaraswamy highlighted the long-term industrial capacity building efforts alongside physical asset development. He emphasized the Ministry of Heavy Industries’ proactive role in enhancing the construction equipment ecosystem through specific policy measures and incentive structures. The recent Union Budget’s substantial allocation towards public capital expenditure was described as a significant push covering various sectors like highways, railways, logistics, renewable energy infrastructure, and urban development.
The Minister emphasized the far-reaching impact of a robust financing ecosystem on the economy, stating that it would benefit manufacturers, contractors, MSMEs, logistics operators, and infrastructure developers nationwide. He called for collaborative efforts to position India as a global hub for construction equipment manufacturing and financing. Kumaraswamy also highlighted the proposed Scheme for Enhancement of Construction and Infrastructure Equipment (CIE) aimed at bolstering domestic manufacturing of advanced equipment to enhance strategic capabilities and global competitiveness.
