IMTEX FORMING 2024 TO FORTIFY METAL FORMING SECTOR
India’s Manufacturing sector posted a robust performance in November 2023 and Purchasing Managers’ Index increased to 56 in November as against 55.5 recorded in the previous month (as per S&P Global India Manufacturing, seasonally adjusted data). The growth was attributed to the easing of price pressures and an increase in the ability of firms to secure new businesses domestically as well as overseas.
The Indian Machine Tool industry, part of the Capital Goods sector, is also poised for exponential growth. During FY 2022-23, the consumption of machine tools in the country increased by 55 percent year-on-year, reaching `24,536 crore.
India’s Metal Forming sector, with a market size of around `5,300 crore (about US$ 646 million) in FY23, has seen an upswing in business with new trends. Compared to the previous year of metal forming production, which was around `2,100 crore (about US$ 256 million) in FY 23, it is expected to grow at a compound annual growth rate of around 10 percent to 15 percent in the next 3-5 years.
| India’s Manufacturing sector posted a robust performance in November 2023 and Purchasing Managers’ Index increased to 56 in November as against 55.5 recorded in the previous month (as per S&P Global India Manufacturing, seasonally adjusted data). |
IMTMA is organizing IMTEX FORMING 2024, a focused exhibition on metal forming and manufacturing technologies, at Bangalore International Exhibition Centre (BIEC) from January 19-23, 2024. With WeldExpo, Tooltech, and Digital Manufacturing as concurrent shows and Moldex and Fastnex as co-located shows, IMTEX FORMING 2024 would be an ideal platform that will provide an opportunity for the Machine Tool and Manufacturing industry to witness the latest technology trends as well as network.
Happy reading.
Rajendra S Rajamane
President
IMTMA
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