MACHINE TOOLS DRIVE CAPITAL GOODS AND ECONOMIC GROWTH

It gives me great joy to inform readers that the Indian Machine Tool industry posted an increase in production growth figures in FY 2022-23. As per provisional estimates, the Indian Machine Tool industry production was around `12,328 crore (US$1.5 billion) and domestic consumption was around `24,536 crore (US$3 billion).

Machine tool production for the Q1 (April to June) of 2023-24 increased by 9 percent year-on-year, reaching around `2,100 crore (about US$264 million). Orders booked during the period witnessed a growth of about 14 percent, totaling around `3,200 crore (about US$390 million).

I see immense scope for the Indian Machine Tool industry which presently ranks 9^th in Production and 7^th in Consumption globally according to Gardner Intelligence’s ‘World Machine Tool Survey 2022’ to cement its position further in the global rankings.

Sustained demand, Government spending, and PLI initiatives are the drivers of growth, enabling the Machine Tool industry players to manufacture globally competitive products which will help scale, innovate, and increase exports and growth. The time has come that we look outward in a much larger way to be part of the global competition.

Indian Machine Tool Manufacturers’ Association (IMTMA) is participating in EMO Hannover 2023 to represent the Indian Machine Tool industry. Over 40 Indian companies, including IMTMA members, are participating in EMO Hannover 2023 to showcase products and capabilities. The exhibition is an opportunity for these participants to look outward and tap some of the niche markets, identify the needs, and build customized products.

In terms of building the domestic market and reaching out to Tier-2 and Tier-3 cities within India, IMTMA has initiated regional expos to bring technologies to the doorsteps of MSMEs in these regions. The recent Delhi Machine Tool Expo 2023 was a success with around 13,500 visitors from various user sectors from India’s northern, western, and eastern regions.

IMTMA will be organizing Machine Tool Connect - Kolhapur in Maharashtra on October 8 and 9, 2023. The event aims to create a B2B environment in Tier-2 and Tier-3 cities across regions. The expo would be an economical model for exhibitors to promote their brands and reach out to the untapped markets.

We would continue with our endeavors to bring informed articles to MMI magazine to stay abreast with the latest developments.

Happy reading.

Ravi Raghavan
President
Indian Machine Tool Manufacturers’ Association (IMTMA)

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