Page 6 - MMI_MarApr 2021 (high-singles)

FOREWORD

ECONOMIC REBOUND GOOD NEWS
FOR MANUFACTURING

Dear Readers,

Last year brought forth a testing time for industries and individuals. On a
brighter note, the country’s economy, Manufacturing, and the Machine Tool
industry, having shown great resilience in the face of acute adversity, are
already on the recovery path. The vaccines for Covid-19 have also made their
way out from research labs and entered public domain, providing the much-
needed relief and confidence.

The Government of India, stepping in at the right time, has played its part, by

giving impetus to capital expenditure in the budget, creating a new path for

medium- to long-term growth. As per Press Information Bureau, the capex

budget was raised sharply from `4.12 lakh crore to `5.54 lakh crore, a record
increase of 34.5 percent over the last financial year. Larger outlays in various

sectors of Manufacturing and Corporate Tax, which is the lowest in the world

for setting up new manufacturing units, are growth drivers of economy and

in supporting these, the budget

has made a fair effort to ignite

investment-led growth. The

increase in budget outlay for

Railways, Power, Infrastructure, IMTEX will be one of the first
and so on is expected to increase
major shows to be organized post
the demand for capital goods

and machine tools. the pandemic lockdown, and

India is slowly recovering from the success of the show will pave

INDRADEV BABU the pandemic, and almost all way for many more events.
PRESIDENT activities are back to the pre-
INDIAN MACHINE TOOL
MANUFACTURERS’ ASSOCIATION Covid levels in a short period.
(IMTMA)
One primary factor for the

rebound has been the pent-

up demand, and PLI in the

Auto sector, bringing in business to champion sectors, besides the relaxations

in FDI. The Machine Tool industry now needs to expand its wings to tap the

opportunities in the emerging sectors and explore new areas of growth.

Indian Machine Tool Manufacturers’ Association (IMTMA) is organizing
‘IMTEX 2021 & Tooltech 2021’ in June this year, with Bangalore International
Exhibition Centre (BIEC) being ready to host the show with all SOPs in place.
IMTEX will be one of the first major shows to be organized post the pandemic
lockdown, and the success of the show will pave way for many more events. I
am sure we all are keenly awaiting to physically interact with our customers,
which was unfortunately restricted for close to a year due to the pandemic.

Well, as we move to the new financial year in April, things are likely to change.
I firmly believe that IMTEX 2021 and other initiatives of IMTMA will provide
a suitable platform for the Machine Tool and Manufacturing industries to
network and exchange knowledge and scale up business activities.

Wishing you all the very best.

6 | March-April 2021 Modern Manufacturing India