Amit Bansal, Sales & Marketing Director - Building Construction Products, Caterpillar India.
The current equipment industry scenario is quite positive. The announcement of several infrastructure projects will further spur the demand of construction equipment, which will be beneficial for the industry. The recent reduction in GST rate from 28 per cent to 18 per cent on construction equipment is going to be another enabler.
Construction equipment industry is cyclical one. In certain product categories, the growth has been exponential and the industry is struggling to meet the demand due to capacity constraint whereas in other products, there is over supply. The industry can install capacity but the issue remains sustainable utilisation, which could be a challenge for manufacturers. The continued focus on infrastructure growth with relentless execution is important for industry growth.
A platform of opportunities
Excon is a forum that provides an opportunity for Caterpillar and our dealers (Gmmco and TIPL) to strengthen and build relationships with our customers and understand their needs and expectations. It is an opportunity to showcase offerings and solutions that ensure our customers complete their projects meeting the quality standards they are measured by, within the time constraints that they face, profitably.
Our theme for Excon 2017 will be 'Welcome to the Age of Smart Iron'. From our Cat dealer network to the services offered by Cat Financial Services, along with our employees and stakeholders who go the extra mile, to our machines and engines that stand the test of time, Excon is an excellent opportunity to tell the Caterpillar story.
We expect Excon to be at a bigger scale this year with more participants. As the world is moving towards Digital and Artificial Intelligence, we expect to see more in terms of technology. As the projects are growing in magnitude and require time-bound completion, customers may consider looking for more productive and efficient solutions.
We have been focused on technology for decades, now is the time to accelerate. The 'Age of Smart Iron' describes Caterpillar's strategy to be the industry leader bringing digital solutions designed to improve productivity, efficiency, safety and profitability for customers. We aren't reinventing the company - we are adding a level of digital and connected capability that will allow us to better solve our customers' most pressing challenges and help them to be safer, more productive and more profitable.
At Caterpillar India stall in Excon, you will see Cat Connect Offerings, which highlights our focus on Smart Iron. If you look at the dynamics of digital solutions, we currently have about 400,000 connected assets and growing, representing the largest industrial fleet in the world.
We will be displaying our prime products related to construction industry together with technology, aftermarket and financing options to provide end-to-end solutions to our customers. There will also be some new product launches to meet changing requirements of the market.
We invite all the customers visiting Excon to visit our stall and see how Caterpillar can provide solutions to improve productivity, efficiency and profitability of their work while completing the project within the required time frame. This will be a great opportunity for Caterpillar and our dealers to connect with customers, understand their requirements and provide them the best solution that makes them more successful in their business. We will also get to see the emerging trends in the industry that will guide us to design and develop solutions more relevant to meeting our customers' expectations.