India is set to spend about $3 billion on cement manufacturing over the next five years, Finance Minister Arun Jaitley said on Wednesday.

India’s total cement output is expected to reach 7 million metric tons by 2020, or 1.5% of the global market.

The government will spend about 30 billion rupees ($4.7 billion) on cement for the next two years, Jaityer said at a government event in Mumbai.

Cement is a major component of the economy and is used for concrete walls, concrete foundations and for building houses, apartments and other structures.

The finance minister said that over the past two years India has invested about 3,800 million rupees to create more than 3,500 new cement manufacturing plants, including more than 800 new units.

Citigroup, Goldman Sachs and PwC also said last year that India would need to spend up to $2 billion to increase cement output.