Dimitrov Krishnan, MD and Head Region India, Volvo Construction Equipment
India’s construction equipment industry is navigating a period of muted growth but investments in railways, urban infrastructure, mining and quarrying could revive growth with the sector potentially returning to its traditional 10-15 per cent expansion if project execution gathers pace. Dimitrov Krishnan, MD and Head Region India, Volvo Construction Equipment, told businessline.Volvo CE, a leading international company specialising in the development, manufacturing and marketing of construction equipment, has been in India for nearly three decades.
How would you describe the current state of India’s construction equipment industry?
The industry has been subdued over the last two years despite significant infrastructure allocations by the Centre. The previous budget allocated around ₹11 lakh crore for infrastructure, while the current budget has provided ₹12.2 lakh crore. However, actual spending and project awards, particularly in the road sector, have been relatively slow. The industry declined by around 3-4 per cent in 2025-26, and we expect growth of less than 5 per cent in the current fiscal. For an industry accustomed to 10-15 per cent growth, 5 per cent is not a significant expansion. If announced projects are implemented and allocations are translated into actual spending, the industry should be capable of growing by 10-15 per cent.
