Mumbai, Jul 20 (PTI) The Indian Construction Equipment Manufacturers’ Association (ICEMA) on Tuesday said Dimitrov Krishnan, managing director of Volvo Construction Equipment India, has been elected as the president of the Association for a period of two years.
Dimitrov’s election to the post came during the annual general meeting of the ICEMA held virtually on Monday, according to a statement.
Affiliated to the Confederation of Indian Industry (CII), ICEMA currently represents 70 leading companies that manufacture, trade and finance a variety of products such as hydraulic excavators, wheel loaders, backhoe loaders, motor graders, vibratory compactors, cranes, dumpers, and diesel engines, among others.
The construction equipment industry in India has the potential to grow three times of its current size (to USD 25 billion) to become the second-largest construction industry in the world, Dimitrov said after his election to the post.
ICEMA said it has devised several key initiatives to work on, one of which is the Vision Plan 2030, adding this plan charts the road map for the domestic construction industry for the coming 10 years.
The task ahead is clear and that it is strongly linked to the Vision Plan 2030, he said.
This endeavour is driven by focusing on three areas — building a sustainable demand for the industry, creating a robust operating ecosystem that can support the industry, and establishing a stable foundation using skilling capabilities, he stated.
“In this regard, we need to strengthen the ICEMA by building a strong pool of people who can support the association, increase the participation of members and governance where everyone feels involved,” Dimitrov added.
To meet the Vision 2030, the Association said it is working with the central government’s National Infrastructure Pipeline, to harness key opportunities.
They are looking to attract technology investments to scale up manufacturing of construction equipment and components, to meet the domestic and international demand comfortably, it said.
According to the Association, Dimitrov also talked about the uncertainty and volatility that the industry has been battling for the past two years due to various factors, including the pandemic.
Dimitrov believes that the inherent resilience of India and the scope of growth offered by it will be strong demand drivers for infrastructure development, thus generating robust opportunities for the construction equipment industry, the Association said.
The industry is also facing some immediate concerns like that of rising steel prices which are putting tremendous pressure on the supply chain of original equipment manufacturers (OEMs). Added to which are issues like world-wide shipping disruptions, cash flow crunch in the market, and the threat of a third wave leading to further constraints, ICEMA said.
To combat these challenges, ICEMA aims at working closely with central and state governments to create a sustained demand in the industry, it stated. HRS hrs
(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)
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