Indian Machine Tool Manufacturers’ Association (IMTMA) held its 77th Annual General Meeting (AGM) on September 29, 2023 at BIEC, Bengaluru. IMTMA Past Presidents, Executive Committee Members, and Members of the Association were among the dignitaries in attendance at the AGM.
Prepping for the future
Prior to the AGM, in a special session, Saugata Bhattacharya, Executive Vice President and Chief Economist, Axis Bank, made a presentation on the Indian economy and the likely scenario for the future. He listed out some of the key challenges confronting the Indian economy in its quest to be a US$7 trillion economy and increase the share of manufacturing in India’s GDP from around 16 percent to 25 percent. The rupee is largely stable which bodes well for foreign investments.
The Indian Machine Tool industry needs to tap newer geographies and diversify its products in potential markets to maximize its exports.
Tarun Sharma, Deputy Managing Director, EXIM Bank, presented on leveraging export opportunity and potential for machine tool and capital goods industries. He added that India’s merchandise exports have been growing steadily rising to US$451 billion in FY2023. Stressing further he said that the Indian Machine Tool industry needs to tap newer geographies and diversify its products in
potential markets to maximize its exports.
In his address during the business session, Ravi Raghavan, President, IMTMA, highlighted several factors that favor India as it aspires to be a US$5 trillion economy. He added that for the Indian Machine Tool industry there was good news as the order book position, an indicator of growing consumption, looks positive for the forthcoming financial year.
At the Executive Committee meeting following the AGM, a new Executive Committee of IMTMA for 2023-2024 was formed. Rajendra S Rajamane, Managing Director, Rajamane Industries Pvt Ltd, was elected as the President of IMTMA for the year 2023-2024. Mohini Kelkar, Director - Business Development, Grind Master Machines Pvt Ltd was elected as the Vice President of IMTMA for the year 2023-2024.