Bangalore, Nov 14 (UNI) The projected Investment of US Dollar 490 billion in core Infrastructure sector in the draft document of the 11th five-year-plan itself was a great driver for the Earth moving and Construction Equipment (ECE) Industry, Vipin Sondhi, Managing Director and CEO of JCB India said today.
Speaking on the inaugural function of the EXCON-2007, he said Construction Industry would account for 40 to 50 per cent of the plan outlays and would contribute to 20 per cent of the national Gross Domestic Product during the period.
Mr Sondhi, who is also the Chairman of EXCON-2007, said the Industry employed 31 million people at present, was growing at 30 per cent annually, compared to the Global growth rate of five per cent. The Government envisaged faster growth in roads, power, railways, ports, airports, mining and irrigation, he added.
CII Southern Region Chairman P K Mohapatra said the ECE Industry was growing at 55 per cent during the current fiscal.
ICICI Bank Chairman and Vice President of CII, K V Kamath, said despite the recent slowdown, the infrastructure growth in the country would be maintained at ten per cent for another ten to 15 years.
Delivering the inaugural address, Karnataka Governor Rameshwar Thakur said the Construction sector in Karnataka, had been contributing effectively for the growth of the nation and facilitating the process for Investments.