FORWARD LOOKING JOURNEY
The Indian Machine Tool industry performed well in 2022-23, overriding the global downward trend caused by supply chain disruptions.
According to provisional estimates, Indian machine tool production is estimated to have reached around `11,300 crore, and the consumption is estimated to have reached around `23,508 crore. The World Machine Tool Survey 2022 by Gardner Intelligence ranked the Indian Machine Tool industry 9th in machine tool production and 7th in consumption, globally. India is among the countries alongside Brazil and Russia that reported a marginal increase in production growth figures.
As it expands domestically, it is time for the Indian Machine Tool industry to look more closely at global markets. It needs to look outward and find niche markets, identify the needs, and build customized products. Of course, the journey isn’t an easy one.
To augment its global positioning, the industry needs to produce high-performing, niche machine tools matching that of competing global players. Innovation and new product development, support infrastructure for showcasing products, and support services would enable the industry to achieve this objective. I am sure that the Indian Manufacturing sector will reap the benefits of this technological growth and move towards becoming a self-sustaining global contributor in the years to come.
Happy reading.
Ravi Raghavan
President
Indian Machine Tool Manufacturers’ Association (IMTMA)
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