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MCE Growth Slows to 3% After 26% Surge Last Year: ICRA
The Business Guardian
|March 29, 2025
Indian Mining and Construction Equipment (MCE) industry experienced muted volume growth of about 3 percent in first 11 months of FY2025, a notable decline compared to 26 percent growth in both FY2024 and FY2023.
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According to a report by ICRA, the slowdown is because of the reduced domestic project awards and execution momentum in the first half of the fiscal year due to the general elections code of conduct, followed by extended monsoon-related impediments. The export momentum also witnessed a tapering during the same period. While a recovery began in Q3 FY2025, overall industry volumes are expected to remain largely flat, with a modest 2-3 percent growth in FY2025.
Within the domestic market, earthmoving equipment, the dominant sub-segment, saw a 5 percent (YoY) growth, contrasting with declines in most other sub-segments in the 11 months of FY2025.
This story is from the March 29, 2025 edition of The Business Guardian.
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