Excon 2017 aerial view - Courtesy: Excon 2017 organisers

Adding to this, Amitabh Kant, CEO, Niti Aayog said, "I envisage the construction sector as one of the biggest drivers of the Indian economy in the coming years. Especially with the growing urbanization in our country there is a need to accelerate growth rate by 9-10% year after year for three decades or more to be able to move above the poverty line. In the next five decades we aim to do very compact and dense urbanization as compared to what we have done in the last 5,000 years. The government has not only provided impetus to 100 smart cities, 50 metros etc. but we also see a significant impetus to the railway and irrigation sector. If India's ambition is to grow 9-10%, the construction sector must grow at nearly 50% each year.

"Our objective in the government is to provide the right ecosystem to enable the sector to grow and expand in a much better way. Therefore, we have taken a vast number of measures, providing ease of doing business", he added.

Shobana Kamineni, President, CII said, "Construction industry remains the fundamental strength of the economy with important multiplier impact. Under the Make in India matrix, construction machinery as a key component of the capital goods sector contributes to India's manufacturing prowess and is set to witness strong expansion".

Vipin Sondhi, Chairman, CII EXCON 2017 said, "The construction industry is headed for better days of a projected stable growth of 10% CAGR over the next 5 years compared to 7% in the previous decade. The Government of India has made infrastructure creation a major pillar for sustained growth and announced a number of projects in roads, railways, metro rail, mining, irrigation, power and urban development which are growth drivers for our industry"

END