OPENING UP NEW VISTAS

Our machine tool industry is gaining momentum through the Government’s PLI schemes meant to provide a thrust to the nation’s manufacturing activities and turn it into a manufacturing hub. To aid in this endeavor, IMTMA has formed sectoral task forces to understand the needs of various industries and offer total solutions to them.

Machine tools form the bedrock of any manufacturing activity and the nation’s overall economic development. Manufacturing is always strong when the Machine Tool industry is strong. Worldwide, countries like Germany, Japan, China, USA, Italy, Switzerland, South Korea, and Taiwan are strong in manufacturing as they have a robust Machine Tool industry that helps factories produce brands that can be sold across the world. The more sophisticated the performance of machine tools, the greater the industrial output.

To make India a manufacturing hub, the Government of India has launched several PLI schemes aimed at ushering in manufacturing-induced growth, making the industrial sector a key growth driver, and setting the country on a higher growth terrain. The identification of champion sectors is expected to propel investment and create demand for the Capital Goods sector. PLI beneficiary companies are expected to make investments in plants and machinery. This augurs well for the Machine Tool industry, which, for its part, is focusing on developing machines to meet the requirements.

Sectoral task forces

The Indian Machine Tool industry has a market size of around US$ 1.6 billion (FY 2020-21), of which domestic production accounts for around 50 percent of the total consumption. The industry globally ranks 13th in production and 7th in consumption as per Gardner Intelligence’s ‘World Machine Tool Survey 2020’. It derives a more significant proportion of its business from the Auto, Die & Mould, and General Engineering industries. However, with the thrust given by the Government to various sectors through PLI schemes, the Machine Tool industry, while continuing to do business with the Auto sector, is geared up to serve the requirements of emerging sectors. To hasten this endeavor, Indian Machine Tool Manufacturers’ Association (IMTMA) has formed sectoral task forces to understand the needs of various industries and offer not just machines but also total solutions.

Interestingly, the Machine Tool industry recovered at a notable pace in the third quarter of 2021. The industry outlook for this year and the next two years remains optimistic, with business activities expected to gain more traction. Closer cooperation between industry and academia will help develop technological competencies, especially in application and process innovation. The launch of six technology innovation platforms by the Ministry of Heavy Industries, focusing on technologies, will facilitate the development of the key ‘mother’ manufacturing technologies indigenously and help achieve the vision of an Atmanirbhar Bharat and a globally competitive manufacturing sector in India.

Going with the flow

IMTEX FORMING 2022 had to be rescheduled to June 16-21, 2022, while IMTEX has been announced from Jan 19-25, 2023 and IMTMA is fully committed to organizing IMTEX safely and successfully. While the Omicron and Delta viruses have forced multiple states to impose a varied level of restrictions, it is only a matter of time before the wheels begin spinning again. While ‘Make in India’ will continue to resonate through the minds of every company that manufactures goods, the support by the Union Government through its various schemes will continue to up the game for the industry.

Meanwhile, the Association will continue to work very closely with its member companies, solving the challenges they face and helping them grow in their sphere by showing them new avenues.

Source: IMTMA

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