INDIA SET TO MAKE RAPID STRIDES IN MANUFACTURING

India began the financial year 2024-25 on an encouraging note with leading institutions including the International Monetary Fund (IMF) projecting a strong 6.8 percent growth despite the ongoing geopolitical scenario. Also, the Reserve Bank of India (RBI) projects a GDP growth of 7 percent for the current fiscal year that started from April 1, attributing it to consumption demand and private capex spending.

India’s manufacturing PMI has continued to stay above the 50 mark, denoting expansion in factory activities. The manufacturing landscape is changing with PLI schemes, policies, and strategies, and sectors such as Renewable Energy, Electronics, Semiconductors, etc., in focus.

Meanwhile, the Indian Machine Tool industry in FY 2023-24 recorded an estimated growth of around 10 percent in production and 11 percent in consumption year-on-year. The growth story is continuing for the second successive year, and we expect to see
new developments in the coming quarters.

Indian Machine Tool Manufacturers’ Association (IMTMA) is organizing Pune Machine Tool Expo (PMTX) 2024 and co-located show, FACTEQ 2024 - a unique expo showcasing factory equipment, from May 23–26, 2024 at Pune International Exhibition and Convention Center (PIECC) in Moshi, Pune.

The manufacturing community has responded well to the expo which is being held in an exhibition space of around 12,500 sq mt with around 200 exhibitors showcasing their products. PMTX 2024 and FACTEQ 2024 offer networking opportunities for regional industries to access the latest technologies and solutions and I call upon industries to take benefit of the expo.

The Indian Machine Tool industry in FY 2023-24 recorded an estimated growth of around 10% in production and 11% in consumption year-on-year. The growth story is continuing for the second successive year, and we expect to see new developments in the coming quarters.

Rajendra S Rajamane

President
IMTMA