CHARTING INDIA'S MANUFACTURING GROWTH

I am privileged to present this foreword to the readers of Modern Manufacturing India (MMI) magazine as the President of Indian Machine Tool Manufacturers’ Association (IMTMA).

India is one of the fastest-growing global economies with the latest World Economic Outlook report by the International Monetary Fund (IMF) projecting India’s growth to remain strong at 6.3 percent in 2023 as well as in 2024.

India aspires to become the third-largest global economy while becoming a US$10 trillion economy by around 2035. As this happens, we can see advancements in all three vital constituents of the economy, viz., Agrarian, Manufacturing, And Services sectors.

Manufacturing share in India’s GDP can rise from around 17 percent to around 25 percent by around 2030. India’s merchandise exports, likewise, is expected to double up to one trillion USD by the end of the current decade. 

Government spending, PLIs, and Make-in-India are giving a push for manufacturing, and businesses are taking advantage of these programs. India’s Capital Goods sector including the Machine Tool industry needs to come up with progressive strategies to meet aspirational objectives.

Asia’s leading exhibition on metal forming and manufacturing technologies, IMTEX FORMING 2024, along with concurrent shows Tooltech, Digital Manufacturing, and WELDEXPO, will be held from January 19 – 23, 2024 at Bangalore International Exhibition Centre (BIEC), Bengaluru.

It would be a great opportunity for industries to participate in both these events and reap full benefits. Looking at the overall scenario, we perceive that there are plentiful avenues for the Machine Tool and Manufacturing industries to grow in the years to come.

IMTMA will continue with its endeavors while keeping its readers updated on the developments happening in the Manufacturing industry. 

Happy reading.

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