After muted growth, CE industry hopes to bounce back soon, says ICEMA President
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The on set of Covid-19 pandemic and the consequent economic slowdown had its negative impact on almost every sector, and construction equipment (CE) industry was no exception. Despite the government push for infrastructure development even during the pandemic, the growth momentum of the CE industry – which recorded a turnover of $6.5 billion in 2020 – was hampered due to the slowdown in construction activities, both in real estate and road sector. However, much to the relief of the CE manufacturers, resumption of economic activities post the second Covid wave saw this sector posting an impressive 47% growth in the second quarter of the current financial year, according to Dimitrov Krishnan , President of Indian Construction Equipment Manufacturers' Association (ICEMA) and Managing Director, Volvo CE India Pvt Ltd. In an interaction with ET Infra , Krishnan reflects on the industry scenario in the wake of the pandemic outbreak and expresses hope that by the close of this fisc...