In a financial year marked by an unfavorable business environment, the Indian CE industry continued to work towards building a robust ecosystem and enhance its operational strengths. I am pleased to share that ICEMA led these industry efforts by creating a slew of platforms for stakeholder engagement, building relationships with players across the value chain and expanding its outreach. The association, not only carried forth the existing initiatives but also created new engagement platforms, forged new partnerships while strengthening the existing ones and enhanced industry’s presence in the media. The new tagline “Shaping India’s Tomorrow” adopted by the association, truly defines the new energy with which ICEMA is pursuing its goal of making India a global manufacturing and export hub for Construction Equipment.

It is encouraging to see ICEMA take positive steps to facilitate the creation of an enabling environment for Infrastructure development in the country. The Year 2021-22 has been challenging for the industry; however, I am confident that with the engagement of ICEMA with various stakeholders in the value chain, the Indian Construction Equipment industry will have a strong growth momentum soon. I look forward to ICEMA continuing to grow and strengthen its position as a credible voice of the CE industry, representing both OEMs and MSME Partners.

The Construction Equipment industry has been through drastic ups and downs in the past two years – first the economic impact of the Covid pandemic in FY 22, and then the excellent turnaround and highest ever growth rate and sales figures in FY 23, powered by the government’s thrust on infra-led growth in which the CE industry is a critical player. ICEMA played an important role by making representations to the government on important issues as well as building dialogues around the need for improving availability and affordability offinance and connecting finance start-ups with MSME for supply chain financing. I have been honoured to hold the position of Treasurer and the Convener of the ICEMA Financial Ecosystem Panel in this duration. The Construction Equipment financing industry is growing at a very rapid pace and digitalisation, which was accelerated by the imperatives of Covid, has the potential to transform the financing ecosystem of the industry and is imperative to achieving enable the industry to achieve its full potential.

The period 2021 – 2023 is the most significant in India’s Economic growth in many ways. Not only for the Nation but the CE INDUSTRY also got noticed by many countries. More and more Stakeholders wanted to have insight into the construction equipment industry in India. During this phase, the ICEMA membership grew and ICEMA was highly active with all its panels, recognizing the speed required for meeting the growth demand. The data analysis and insight panel reorganized the format of reporting to get better clarity on reports. Appreciable progressis made after engaging with various government departments on various subjects.That was challenging the members of the Association. We are glad ICEMA voices are heard by the government department, stakeholders, policymakers and partnering associations in India and abroad. I am sure the foundation laid during this critical period 2021-23 will enable ICEMA to take a great leap toward progress in the coming years.

The Indian Construction Equipment (CE) industry continues to play a significant role in nation building with the state-of-the-art technologically-advanced equipment. The industry remains poised for 3X growth in the coming years with Government’s renewed thrust on infrastructure development which will help industry realise its Vision 2030. We are enthused by the Government’s willingness to partner ICEMA in areas critical to the nation’s economic development. We thank the Government and the policy makers for their continued guidance and engagement in enabling our industry to stay resilient through challenging times. ICEMA looks forward to strengthening this engagement to help shape India’s tomorrow.

ICEMA has undertaken continuous and wide-ranging initiatives in 2021 – 2023.
Some of the major initiatives undertaken were:
Drafting and proposing the Production Linked Incentive scheme to the Government – this initiative is aimed at increasing domestic manufacturing and enhancing competitiveness, in the construction equipment sector. Expanding ICEMA’s membership to 100+ members. Thereby adding to the network and strengthening our collective voice, enabling us to address industry challenges more effectively. Actively engaging with the government, and advocating off-highway equipment emission norms, to put out a technology roadmap for sustained business, bringing the industry closer to global equipment standards. As financial institutions are key stakeholders in our business, ICEMA’s finance panel conducted various activities involving key finance industry experts to broaden our knowledge in expanding business and address industry challenges. With such initiatives I strongly feel that, together through progress and collaboration, we strive to shape a better future.

As India moves forward to realise the vision of becoming a USD 5 Trillion economy by 2025, the Indian Construction Equipment (CE) Industry is likely to emerge as the second largest globally. ICEMA’s 8-point agenda elaborated in the ‘Vision Plan 2030’ lays out a clear roadmap to help the industry realise its potential. The initiatives being taken towards policy formulation, inclusiveness, alternate fuels, job creation, training & skilling and safety, amongst others, will help the industry lead its efforts for sustainable development and address environmental concerns as we continue to create value for our customers and the society at large.

The year gone by was very challenging for the construction equipment industry. Spiraling steel prices and supply chain issues for various components including electronic items placed heavy pressure on equipment manufacturers. The funding challenges for equipment especially for certain customers only added to the woes. ICEMA played its role very effectively by interacting with variousministries to bail out the industry. The result of this is seen in the Government withdrawing anti-dumping duty on steel and imposing export duty on steel. Other important initiatives such as extensive engagement with CII in promoting EXCON-2021, participation in Bio-Diesel Summit, interaction with Mr K V Kamath, Chairman – NaBFID, in the Annual Finance Conclave are noteworthy.

As India progresses on its sustainability agenda, ICEMA has played a crucial role in actively engaging with the Government to define the Construction Equipment Emissions Roadmap for the next several years. In making the transition, ICEMA has also been instrumental in ensuring the readiness of the
ecosystem while addressing the concerns faced by the industry. With a legacy of over 70 years, it is encouraging to see the roll out of various ICEMA led initiatives, making progress happen for the nation every step of the way!

As an apex national association for construction equipment manufacturers in India, ICEMA is committed to spearheading transformative journey of the sector. ICEMA aims to bring leading companies together with a common goal of making stronger contribution towards a robust, sustainable, and future-ready greener nation. To align with the Government’s goal of net-zero emissions, ICEMA is working closely with policymakers and industry stakeholders to make utmost contribution in mitigating CO2 emissions. Association’s forward-looking approach includes fostering innovation, adopting new-age technologies, promoting sustainability, creating employment, and nurturing a skilled workforce for the sector. Besides contributing to India’s infrastructure development, the industry has been making efforts to create an environment-friendly and sustainable tomorrow.

We have been privileged to witness the remarkable growth and accomplishments of ICEMA in the past year. The association’s dedication to fostering collaboration, driving innovation, and advocating for the industry’s interests is truly commendable. We are proud to be part of ICEMA and look forward to its continued success in the future.

ICEMA has been a valuable contributor to the CE industry by consistently delivering value through their initiatives. In times of the recent slowdown, ICEMA has been an affective forum – offering a common platform to collectively voice concerns. Various initiatives like the Vision 2030 report, the CE industry catalogue have been well received and we look forward to more such projects by ICEMA.

The immense contribution by ICEMA towards its ambitious vision of “Shaping India’s Tomorrow” in line with the Vision Plan 2030 of the Indian CE industry is impeccable. ICEMA has been a valuable contributor to the CE industry by consistently delivering value through their initiatives.
The Indian construction equipment (CE) industry, which aspires to become the world’s second largest by 2030, is believed to have grown by 25% year on year in FY2023, surpassing 100,000-unit sales for the second year in a row and we appreciate that, ICEMA has played a vital role in achieving this objective.
The conferences and the exhibition like EXCON, the Asia’s largest construction equipment exhibition in India, organized by ICEMA provides a great platform for CE manufacturers to show case their new products and to have one-to-one interaction with the prospective customers as well as the vendors.
ICEMA is taking leading role in submitting Off-road construction and Mining machinery emission regulatory proposal to Government of India which will facilitate Indian Construction and mining Equipment manufacturer to develop indigenous technology and upgrade the product towards reducing carbon footprint.
BEML is delighted to be part of ICEMA family as a primary memberand our best wishes toICEMA team.

ICEMA has consistently fostered productive discussions and collaborations among industry leaders, government officials, and policymakers, shaping the business environment and elevating the reputation of the Indian Construction Equipment (CE) industry.
ICEMA’s focus on identifying opportunities and strengthening our presence in domestic and international markets is admirable. With government initiatives and investments in projects like the National Infrastructure Pipeline and BharatmalaPariyojana, the demand for construction equipment is set to rise.
ICEMA’s efforts to creating a vibrant ecosystem for equipment andcomponent manufacturing and contributing to the sector’s progress is invaluable. Our collective goal is to accelerate India’s growth trajectory and establish ourselves as the global manufacturing hub. Together with ICEMA, we are shaping the future, driving innovation, and securing a prosperous path for the industry.

As we embrace the future of business, Bosch Rexroth India stands poised to lead the way with innovative solutions and unwavering commitment. Our vision for the future is one of continuous growth and expansion, driven by cutting-edge technology and a customer-centric approach. We recognize the evolving needs of our customers and are dedicated to delivering state-of-the-art solutions that empower them to thrive in an ever-changing landscape.
Looking back on the year, I am proud to reflect on the fruitful partnership between Bosch Rexroth India and ICEMA. Together, we have championed the growth of the construction equipment industry, fostered collaboration and driving advancements. Through our joint efforts, we have propelled the sector forward, enhancing productivity, efficiency, and sustainability and we always look forward for fruitful collaborations.
As we forge ahead, we remain committed to driving innovation, fostering strong partnerships, and contributing to the progress of the construction equipment industry. With unwavering dedication and a customer-centric mindset, we are confident in our ability to shape a future that is dynamic, sustainable, and prosperous for all.We Move.You Win.

iCEMA has been very proactive with development of a transparent view of how the construction industry is progressing in India. There have been interactions with governmental agencies as well as ministries to create awareness for necessary change. We have also seen initiatives in development in industry data through collaboration with manufacturers, which is a handy tool for production teams. Our interaction on technology vision roadmap with the T&S panel also gives very important direction for the changing equipment emission and safety demands for manufacturers to plan the equipment development. iCEMA also actively participated with BC India 2023 to create a good platform for customers and the manufacturers for discussions on key topics. Now with more than 100+ members it’s a true representation of the industry and can help drive the drive the Construction industry to new heights

ICEMA, standing tall in its pursuit of excellence, continues to be at the forefront of innovation and progress in the construction equipment industry. With unwavering dedication, ICEMA has been instrumental in shaping the landscape of the sector, empowering growth, and fostering collaboration. In this remarkable year, ICEMA’s activities have epitomized their commitment to driving sustainable development, technological advancements, and safety standards.
ICEMA has been a staunch advocate for the construction equipment industry, has proactively engaged with the government to address key challenges faced by the sector, and has consistently taken up industry problems with the government to drive positive change.
By sharing data, market outlook, and research findings through their industrial portal, ICEMA empowers industry stakeholders with critical information, fosters knowledge sharing, and enables informed decision-making. This contributes to the overall growth and development of the construction equipment sector in India.
Through strategic initiatives, industry engagements, and advocacy, ICEMA has propelled the construction equipment ecosystem towards a brighter and more prosperous future, leaving an indelible mark on the path of progress.

The year gone-by witnessed several challenges for the Construction Equipment Industry including the impact of COVID-19, rise in fuel and raw material prices, logistics cost, supply chain disruption due to lockdown in China, among others. Despite all these odds, there have been some positives for industry such as growth in exports, Gati Shakti Plan which is expected to give push to infrastructure and CE sector and the adoption of green fuel technology for which industry is upbeat to work closely with the Government. ICEMA has played an important role during the year by building consensus on the key issues and taking it up with the Government for required policy change. The key initiatives taken by ICEMA during the year including brand building of CE Industry, proposal on PLI for CE industry, Release of first-of-its kind CE Industry Catalogue and partnerships and engagement with key stakeholders and relevant Government bodies have helped strengthened the voice of the Indian CE Industry.

ICEMA has been relentlessly pursuing the industry’s agenda despite a host of challenges faced over the last one year. Some key events organized by ICEMA, including the Finance Conclave, ICEMA – CECE dialogue, Bio-Diesel Summit in partnership with MoRTH, have been instrumental in maintaining a connect with major Industry stakeholders, including the Government and Defence. In line with the industry’s commitment towards AatmaNirbhar Bharat, ICEMA is also pursuing a Production Linked Incentive (PLI) Scheme with the Government to incentivize investment in manufacturing of mother technologies in India.

Despite continued muted growth, the Indian CE industry remains optimistic about its future growth prospects both in the domestic and international markets. I am pleased that ICEMA has taken the lead in partnering the Government in creating a facilitative environment for the Indian CE industry’s resurgence and sustained growth. It is also heartening to know that during the year ICEMA’s brand building and outreach initiatives have led to a strong visibility for the association coupled with the significant growth seen in the association’s membership which is almost touching 100. I thank President, ICEMA for giving me the opportunity to lead ICEMA’s efforts at building the Indian CE industry’s global brand image, which will go a long way in driving the growth of CE industry in India.

ICEMA has been playing a pivotal role over the years in the development & growth of construction equipment manufacturers industry as a whole and the entire ecosystem; setting direction, providing platform to engage and enabling the policy framework like the recent work on emission norms, alternate fuel options have given fruitful results in helping build strong foundation for long term interest of CE industry.

ICEMA continued to play a vital role in supporting the Construction Equipment (CE) Industry by providing updates on trends through periodical reports. The way ICEMA organized various seminars and panel discussions through digital mode with the aim of continuously delivering on its responsibilities during and post pandemic period is highly appreciable. ICEMA holds regular interactions with Government bodies to voice the concerns and issues of CE industry. The success of the construction ecosystem will depend on the tight collaboration amongst Government, industry and the policy makers to ensure that the challenges of this sector are overcome, thereby paving a roadmap for ‘Building India for a New World’.

ICEMA has been adding great value to members not only by keeping them updated of various Government policy initiatives but also articulating the concern and suggestions of the construction equipment industry to the various government agencies. This is of vital importance for an industry which is expected to play an important part in the growth and development of the country with ICEMA as its torch bearer. Bonfiglioli India is a key supplier to the CE segment and looks forward to the various activities including industry interactions and seminars that ICEMA conducts for the members’ benefit.

Our association with ICEMA started recently and we are proud to be associated with a body such as ICEMA that works hard to strengthen the links with the Government. We are pleased that ICEMA is working towards pursuing the goals outlined in its Vision Plan 2030. We are enthused about the industry’s growth prospected given that ICEMA is earnestly working towards unleashing the potential areas of growth, identify challenges and propose key initiatives both for the industry and Government stakeholders. ICEMA’s efforts over the last one year are commendable considering the challenges faced by CE industry during COVID-19 and disruptions in global supply chain due to Russia-Ukraine war.

Over the years ICEMA has carved its niche as a reliable thought leader with various initiatives, especially building the Indian Construction Equipment Industry’s brand in marketplace. We at Epiroc are very excited about thebrand-new CE Industry Catalogue which seems to be a fantastic brainchild providing an effective platform to highlight the Indian industry’s strengths and competencies in manufacturing smart and productive machines to the market. Going forward we would like to see an enhanced coverage of our segments in the Monthly Sales Report and increased coordination with authorities on permissions for off-road mining and construction equipment. We are honoured to be a part of this Association and look forward to ICEMA’s future endeavours.

The Financial Year 2021-22 saw the effect of COVID-19 pandemic gradually reducing. The market bounced back from the recession it faced in 2020-21. Customers’ perspectives and needs changed and evolved during the pandemic. We used this period to understand the changes and adapt ourselves to meet them. We have introduced two new mobile product series in the market during this period and launched them successfully at EXCON 2021. Our collaboration with ICEMA and the network we got through it helped us make these adaptations effectively.

Hyundai Construction Equipment from its inception in India since 2008, has been an active member of ICEMA. We have witnessed ICEMA growing in its scale and scope over the years. Today, we can confidently say that ICEMA has become the credible voice of the CE industry and is adding a lot of value and impact to the CE industry through its networking with global associations, Government and academia. The quality of initiatives and analytical reports prepared by ICEMA team are helping member companies to take well informed strategic decisions related to business investment and capacity expansion. I would like to wish ICEMA all the very best for its proactive initiatives to grow CE Business both at domestic and export fronts and would also like to assure of our wholehearted support in all the endeavors of ICEMA, in the years to come.

CE Industry struggled for growth in FY21-22. The momentum in infrastructure was not as good as in second half compared to FY20-21. There was not enough demand for CE Industry. Besides this, increase in steel and fuel price has also affected in equipment sales. We foresee a rebound in demand due to emergent opportunities and the growth prospect triggered by the Government’s ambitious programmes such as Atmanirbhar Bharat, Gati Shakti and National Infrastructure Projects. We appreciate ICEMA’s role in putting forward the challenges of CE industry from time to time and also representing issues and concerns of our industry to the Government. The future of CE industry looks positive.