INDIA’S PURSUIT OF GROWTH AMIDST GLOBAL CHALLENGES

In recent years, India has been the cynosure of all eyes with its ever-improving economy. As per a report by S&P Global Market Intelligence, India’s nominal GDP is slated to reach around US$7.3 trillion by 2030. By then, it may overtake Japan and Germany, becoming the world’s third-largest economy by the close of the decade.

The investment climate in India is positive with key sectors like Information Technology, Services, Agriculture, Manufacturing etc., slated to do well.

Whether India can continue to sustain this projected growth is a question that needs an afterthought with the picture getting clearer as days pass.

The Union Budget 2024-25, albeit interim, has received a thumbs-up from Manufacturing industry stakeholders. While presenting the Budget, Hon’ble Finance Minister made a conscious effort to ensure that the sops may trickle down to the end users, resulting in demand for goods and services eventually. Once this hits the top gear, the economy will undoubtedly move on the right track to not just meet the US$5 trillion mark but achieve more in the years to come.

Manufacturing is expected to be one of the key contributors to the GDP in the growth story of India. The constant evolution of manufacturing technologies is essential for meeting the growing demand, and the Machine Tool industry has to traverse the extra mile with vigor to keep pace with the growth.

To augment this endeavor further, Indian Machine Tool Manufacturers’ Association (IMTMA) is organizing the third edition of Pune Machine Tool Expo 2024 and the first edition of FACTEQ 2024, an exhibition on factory equipment at Pune International Exhibition and Convention Centre in Moshi, Pune, from May 23 – 26, 2024.

I call upon the manufacturing fraternity to participate in the expo and avail the opportunity of one-on-one discussions, networking, and collaborations with numerous stakeholders.

Happy reading.

Rajendra S Rajamane

President 
IMTMA

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