At the 76th Annual General Meeting (AGM) of the Indian Machine Tool Manufacturers’ Association (IMTMA), President Ravi Raghavan spoke about the encouraging signs of recovery in the Indian machine tool sector, the impetus by the Government, association activities, outlook, and future aspirations, and how these factors will combine to make India one of the top machine tool building nations.
IMTMA held its 76th Annual General Meeting (AGM) on September 28, 2022, at the Bangalore International Exhibition Centre (BIEC), Bengaluru. Ravi Raghavan, President, IMTMA; Prof (Dr) NR Bhanumurthy, Vice Chancellor, Dr. B. R. Ambedkar School of Economics University; Rajendra Rajamane, Vice President, IMTMA; Jibak Dasgupta, Director General & CEO, IMTMA; Past Presidents of IMTMA; Executive Committee Members of IMTMA; and Members of the Association were among the dignitaries in attendance.
Industry stalwarts attending the session
Building lasting momentum
Dr Bhanumurthy spoke at length about the current situation of the Machine Tool industry in India and how the country’s rapid economic development is being fueled by capital expenditures (CapEx). The good business performance of India’s Machine Tool and Manufacturing sector in 2021-22 is expected to continue.
IMTMA has held the industry together by facilitating the Manufacturing industry’s growth through various initiatives. “There’s been a big indication of the positivity of the whole economic scenario, which indicates an economic expansion of the country,” stressed Raghavan. “The industry has exhibited growth with greater resilience in FY22. The country has crossed US$400 billion in merchandise exports in 2021-2022, which is a big achievement for us as a country and is being looked upon by the global players as an alternate source for supply chains in different industrial verticals.”
In FY 21-22, India was also a preferred investment destination with FDI equity inflows, recording a 76 percent rise, with the rise in FDI exceeding 23 percent in the post-COVID period. Good business traction has been established thanks to the Government’s efforts to make India a manufacturing powerhouse through a variety of policy measures.
Raghavan emphasized the Government’s strategic initiatives, such as the domestic production of 209 defense items and reducing defense imports. The Machine Tool industry can now build increasingly sophisticated machinery and tools to meet demand, creating a multiplier effect on induced job growth. Claiming that the current capital goods market size was US$42.2 billion, he revealed, “According to a study we conducted last year for the Government, the Capital Goods sector will grow from US$40-US$43 billion to US$100 billion by 2026-27 and US$1 trillion by 2047. The Machine Tool industry will continue to play this role in the future.”
Prof (Dr) NR Bhanumurthy, Vice Chancellor, Dr. B. R. Ambedkar
School of Economics University delivering the keynote at the event
Working towards a vision
“I’m confident that the executive committee, with the deep commitment, support, and earnest efforts of members, will lead IMTMA to greater achievements in the coming years,” Raghavan stated, listing aspirations that the association can pursue collectively to make India a manufacturing leader.
He explained the Machine Tool industry's vision of becoming one of the top eight machine tool-building nations by leveraging world-class R&D and delivering innovative solutions and services to customers. “IMTMA and its members must constantly seek ways to increase the Manufacturing sector’s contribution to about 25 percent of India’s GDP. This is possible with a healthy and proactive Machine Tool industry,” he added further. “Our industry must increasingly prioritize exports. This is an opportune time for us. All to change our mindset and go big.”
In FY 21-22, India was also a preferred investment destination with FDI equity inflows, recording a 76 percent rise, with the rise in FDI exceeding 23 percent in the post-COVID period.
Raghavan also assured that IMTMA would do everything possible to facilitate industry participation in this process. “Young new-generation entrepreneurs, such as UDAAN members, must take the lead. They must drive companies with a growth mindset and bring innovative solutions, pivotal products, and technologies that can revolutionize our industry and elevate us to a serious player in the global landscape. The IMTMA Secretariat will facilitate and support members on this journey,” he concluded.
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