Growth Opportunities in Sunrise Sectors

India’s machine tool industry has been coasting well over the last one year. The demand for machine tools is estimated to be `14,250 crore in FY 17-18. Production is estimated to have grown by 26 percent and consumption is estimated to have grown by 23 percent during this period. India is ranked 10^th in production and 8^th in consumption in Global rankings as per Gardner Research Survey 2018.

At present, the manufacturing sector contributes 18 percent to the country’s GDP and the Government of India’s aim is to increase this share to around 25 percent in the coming period. This will happen when our machine tool industry grows strong and we begin exploring possibilities of substituting imported machinery with indigenous ones to meet the strategic needs of various industries.

IMTMA has scheduled the second edition of Pune Machine Tool Expo (PMTX 2018) at Auto Cluster in Pune from 27-30 September 2018. The expo will be a significant one for original equipment manufacturers (OEMs) and small and medium enterprises (SMEs) and will be a platform for the regional industries to gain access to new technologies for enhancing their productivity and meeting production necessities.

Manufacturing is a buzzword in sunrise sectors with immense potential in areas such as aerospace, defence, medical equipment, etc. Tapping these sectors could create a potential market for the machine tool industry. Constant innovations and regulations can create abundant opportunities for manufacturing technologies as well as for machine tools. We need to stay tuned for this.

This issue of MMI focuses on the medical sector. The magazine also includes an opinion piece from IMTMA on the medical equipment industry in which the Association shares its thoughts on various opportunities that it creates for the machine tool sector.

Readers can download previous editions of the magazine from IMTMA website.

P Ramadas
President
Indian Machine Tool Manufacturers’ Association (IMTMA)