ICEMA summit sparks vision for future-ready manufacturing and supply chains

By OEM Update Editorial February 22, 2024 10:57 am

The summit provided a forum for CE industry players, policymakers, and other thought leaders to discuss subjects related to building a prosperous, future-ready manufacturing sector in the country, backed by a solid supply chain.

The Indian Construction Equipment Manufacturers’ Association (ICEMA) hosted the second edition of the Construction Equipment Manufacturing and Supply Chain Summit. The summit, themed “Towards Making CE Manufacturing Future-Ready,” provided a platform for CE industry stakeholders, policymakers, and other thought leaders to discuss topics relevant to creating a prospering, future-ready manufacturing sector in the country, supported by a strong supply chain.

A highlight of the summit was the special session featuring the release of the ICEMA knowledge report, “Indian Construction Equipment Industry: Charting New Horizons’, prepared in collaboration with premier credit rating agency ICRA and National Investment Promotion and Facilitation Agency, Invest India. A presentation on the report was given by Ritu Goswami, Sector Head and Assistant Vice President, Corporate Sector Ratings, ICRA Ltd. The report provides a detailed insight into the industry’s growth and performance in serving the end-user industries, the CE Industry Vision Plan, and suggestions to enable the industry to address the current challenges and achieve its growth targets by 2030.

ICEMA also released its first-ever Purchasing Managers’ Index (PMI) for the Construction Equipment industry, covering January 2024. The Purchasing Managers Index (PMI) is expected to serve as a reliable indicator of the financial status of the construction equipment manufacturing sector, combining key metrics such as new orders, production levels, employment trends, and supply chain dynamics to offer a comprehensive picture of the industry’s performance.

The summit, which was well-attended by representatives of stakeholders including government body representatives, OEMs, component manufacturers, academic and research institutions, and end-users of construction equipment, hosted discussions on critical topics pertaining to the future of CE manufacturing, namely, technology and people-led transformation; modern, agile, and sustainable equipment; and a supply chain that is resilient and strong as the motto for going local to global.