The Indian Manufacturing industry has stayed resilient and is working to overcome all the challenges over the past two years due to the impact of the Covid-19 pandemic and the overall economic situation.
It may take some time for disruptions in the supply chain, logistics, and cash flow to stabilize but the consensus is that the Indian Machine Tool industry may see demand increasing in the medium to long term. Although the entire manufacturing supply chain was perhaps poised to embrace new-age technologies in their manufacturing processes before the Covid outbreak, the current situation is but fast-tracking.
Last year, the Government of India launched the Emergency Credit Line Guarantee Scheme to provide `3 lakh crore of unsecured loans to MSMEs to mitigate the distress caused by the coronavirus-induced lockdown. Recently, the Government increased the limit to `4.5 lakh crore, which will boost confidence among manufacturers in an industry dominated by MSMEs.
This is expected to open new avenues for companies to continue serving their traditional customer base besides exploring opportunities in sectors that offer scope for growth. Some of these sectors such as Medical Equipment, Pharma, Aerospace, Defence, Railways, etc. are being looked at more closely.
Indian Machine Tool Manufacturers’ Association (IMTMA) has rescheduled IMTEX - the International Machine Tool and Manufacturing Technology Exhibition. The combined ‘IMTEX (with focus on metal cutting), IMTEX FORMING (with focus on metal forming), and Tooltech 2022’ will be held at Bangalore International Exhibition Centre (BIEC) in Bengaluru from January 20 - 26, 2022.
With India undergoing one of the biggest vaccination drives, things are expected to be normalized by the end of this year, which would build confidence among exhibitors and visitors to travel within and from outside India to participate in IMTEX and other exhibitions in the country.
Last but not least, it is highly important to prevent negative sentiments cascading into everyday life, avert collateral damages and keep ourselves going.
Have a great year ahead and stay safe.