That is what the whole nation is waiting for; waiting for the call to action, because the thriller is fast losing the plot.

Here the case in point is the construction industry and related segments, including the construction equipment sector. The market has been flat for the last two quarters, rather, it has contracted considerably, and in hindsight, even the running quarter does not seem to tell a different story. In spite of a slew of projects being announced, only a few have actually taken off. Leave aside the inflationary pressures, rising cost of finance, fluctuating cost of fuel and energy and the skyrocketing cost of input materials, rubbing salt in the wound, we have two of the most globally reputed rating agencies giving a thumbs down to the prospect of investing in the country. There may be no direct impact on the growth prospects of the industry but it has, to a great extent, dampened the positive sentiments of the industry, an industry that has been patiently waiting for almost 18 months for reforms.

Then again, it is heartening to note that finally the government has woken up to the threat of import of used equipment and is moving ahead to regulate them. We need to record thanks to the Seth panel which has advocated action on this ban. What is surprising is that a country like China banned the import of used plant and machinery decades ago, a move that helped the local industry to grow; today, China has made itself a force to reckon with, not only in terms of manufacturing capability but it has also created global competency by acquiring the most established European brands, which even a hard-core analyst could not have visualised a decade back.

Experts also feel that the move to regulate used equipment imports is actually sending a signal to the market and the rest of the world that if you want to be in India, you should be manufacturing in India and providing services and parts in India. Many international majors have already moved in this direction, including the Chinese. Sany Heavy which was recently in the news for purchasing the German concrete machinery major, Putzmeister, has begun manufacturing its product range at its Pune Chakan plant. This is Sany's biggest manufacturing plant outside China. It has plans to invest $1.5 billion (approx. Rs 7,700 crore) in the next five years in India. Getting foreign majors to set up facilities as global hubs would be extremely beneficial for India in the future.

In November last year during Excon, IECAL and CII released a report on Vision 2020 which was put together by Accenture. This report underlined that this industry has a tremendous future, it portrayed a growth potential of almost seven times in the next 8-10 years. But the issue is, growth does not come about on its own, there has to be reform and policy change, and every stakeholder needs to join hands to make it happen. The government has had its first shock with the GDP crashing to 5.3 per cent, and has begun getting its house in order to kickstart growth. However, there is a lack of harmony amongst its constituents which is causing dismaying and damaging delay.