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Recently the most awaited full-month sport spectacle – Fédération Internationale de Football Association (FIFA) World Cup – concluded captivating the entire planet with its magnitude and an all-encompassing importance. The global football epidemic was an incomprehensible force that taught us several lessons that hold true for today's marketplace.

The most important responsibility of the Chief of Marketing in any organization is managing marketing profitability and delivering the best return from marketing resources. Strategies and plans must deliver current and future profits to keep the organization healthy and growing. How should then he or she manage these resources; should the CMO be driven by insight from markets and customers or by the data or by relationships?

Technologies of today are sure to become obsolete tomorrow. Change is inevitable. To sustain itself in business and make the best of it, manufacturing industry needs to keep innovating continuously. This will enable it to stay relevant in the face of rising competition. Customer aspirations and demands being in constant flux also pose a challenge to the industry. To overcome that, the industry has to have a clarity on their needs to offer them the right products and choices.

Industrial inventions are key at igniting economic growth of a country. Technology plays an important role in this. Technological innovations fostered through greater use of artificial intelligence, robotics, internet of things and data-based networks in economical and sociological applications, and the tilt towards green industries will redefine the functioning of manufacturing industry in future.

Time is fleeting. This adage, though daunting, is a gentle nudge to stay single-mindedly committed while steering a course to success in the given timeframe.

A remarkable year has passed by since the re-launch of Modern Manufacturing India (MMI) magazine under the IMTMA (Indian Machine Tool Manufacturers' Association) banner. It has been an eventful ride. The innovations that we made in the typeface, content and design have struck a chord with our readers. The favorable review that we have received will further spur us in our onward journey as the magazine enters its second year of publication.

India's machine tool industry has been coasting well over the last one year. The demand for machine tools is estimated to be `14,250 crore in FY 17-18. Production is estimated to have grown by 26 percent and consumption is estimated to have grown by 23 percent during this period. India is ranked 10th in production and 8th in consumption in Global rankings as per Gardner Research Survey 2018.

In mature markets, it is a massive challenge to successfully compete and thrive. There exist countless issues to deal with, problems to address and processes to be put in place in order to manage them. The companies that are most likely to emerge successful in a sustainable manner are the performers that can achieve an optimal balance between their customers, cost competitiveness, operational agility and market confidence.

It's a profound truth that legends never die. With the recent passing away of Stephen William Hawking, the noted physicist, cosmologist and author, there was more a sense of awe and admiration than grief. Struck with ALS at the age of 21, the gifted scientist was told that his days were numbered. He stayed for over 55 years after that, revolutionizing physics with his groundbreaking work on “Black Holes” and Cosmology.

A significant number of MSMEs dot India's manufacturing landscape. It may be noted that these many MSMEs are the primary drivers for sustained growth of the country's GDP. India banks on these units in its onward march to greater heights.