RESILIENCE MARKS INDIA’S GROWTH ASPIRATIONS

Dear Reader,

Indian Machine Tool Manufacturers’ Association (IMTMA) began the year on a positive note. The Association held the 20^th edition of its flagship exhibition IMTEX 2023 from January 19-25, 2023. It was exhilarating to see technologically advanced feature-rich machines that would take Indian manufacturing to the next level. Concurrent shows Tooltech and Digital Manufacturing generated curiosity, enthusiasm, and a good number of enquiries.

Exhibitors at IMTEX 2023, Tooltech 2023 & Digital Manufacturing 2023 reported estimated business enquiries of around `31,000 crore (around US$ 3,787 million). The order booking was estimated to be around `2,200 crore to `2,800 crore (US$ 269 million to US$ 342 million). These pointers indicate the positive economic outlook for the domestic manufacturing industry and a keen interest in India’s machine tool business.

India’s recent budget presented by the Finance Minister sets a template for the nation to address global challenges to its economy. A sizeable
33 percent hike in capex along with the highest-ever capital outlay of `2.4 lakh crore would heighten the demand for machines and equipment. An enhanced corpus for MSMEs would help them avail of an additional collateral-free guaranteed credit of `2 lakh crore. This is a positive step to develop MSMEs and enhance their production capacities.

Meanwhile, from a broader perspective, the International Monetary Fund (IMF) in its January report stated that India was the fastest-growing economy. India’s manufacturing sector is on a steady pace of growth. As per S&P Global India with a manufacturing PMI of 55.4, India completed a record 19^th successive monthly improvement in operating conditions.

For the current financial year, the Indian Machine Tool industry’s production is forecasted to grow by around 7-10 percent and consumption is expected to grow by about 20 percent. Based on these parameters, we can look at the upcoming financial year with renewed hope.

While IMTEX 2023 was largely successful with a good display of technologies and business generation, it is time for us to think ahead and raise the bar further. 

Happy reading.

For the current financial year, the Indian Machine Tool industry’s production is forecasted to grow by around 7-10% and consumption is expected to grow by about 20%. Based on these parameters, we can look at the upcoming financial year with renewed hope.

Ravi Raghavan
President
Indian Machine Tool Manufacturers’ Association (IMTMA)

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