AUGUST 20249COAL SECTOR LEADS WITH 14.8 PERCENT GROWTH IN JUNE 2024The coal sector showed the most significant increase of 14.8 percent in June 2024, as per the Index of Eight Core Industries released by the Ministry of Commerce and Industries. The coal industry's index rose to 186.4 points in June'24 from 162.4 points in the same period last year, marking a cumulative increase of 10.8 percent between April and June in FY25 compared to the previous year.The Index of Core Industries (ICI) evaluates the production performance of eight core industries - cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products, and steel, both collectively and individually.In June 2024, the Combined Index of Eight Core Industries saw a significant 4.0 percent growth compared to the previous year, highlighting the coal industry's substantial role in driving overall industrial growth.The coal industry has consistently exceeded the performance of other industries, showing significantly higher growth compared to the overall growth of eight core industries in the past two years.The impressive increase in coal production during June 2024, leading to a remarkable growth, reached 84.71 million tonnes, a 14.6 percent rise from the previous year. This increase in output demonstrates the industry's ability to fulfil the increasing energy and manufacturing sectors' needs. INDIA'S CONSTRUCTION EQUIPMENT SECTOR TO REACH USD 25 BILLION BY 2030India is the third biggest market for construction equipment globally, with a industry worth approximately $10 billion in the fiscal year 2024, and could become a hub for manufacturing and exporting, according to the industry association.A report by the Indian Construction Equipment Manufacturers Association (ICEMA), it is predicted that the construction equipment industry in India will increase by 12 percent annually, reaching $25 billion by the end of the decade, due to the government's infrastructure sector expansion."As a result of current announced infrastructure investments in India, the CE industry is expected to reach $25 billion in FY30, posting a CAGR of 12 percent with an envisaged investment in the industry value chain of around $4 billion, which includes around $1 billion over next five years in manufacturing by OEMs and 3X investment (around $3 billion) by suppliers, component manufacturers and distribution channels," ICEMA said in the report, 2035 Construction Equipment Market Outlook for India.The Indian construction equipment market has over 50 OEM manufacturers and offers jobs to over 3 million individuals (both direct and indirect). The global trade of Indian construction equipment is approximately $3 billion, with imports totaling $2.6 billion and exports amounting to around $500 million."By FY35, the CE industry is expected to reach $37 billion. However, with the commencement of the government's ambitious Amrit Kaal vision to make India an economic and manufacturing hub by using long-term infrastructure investments, the CE industry could grow at a faster rate to achieve a market size of $42 billion in FY35," the report noted. TOPSTORIES
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