Page 6 - MMI- Aug2022

FOREWORD

A STABLE OUTLOOK

Dear Readers,

Policy changes in India are always expected to have a lasting impact on
the Manufacturing industries worldwide. India’s response to fiscal, mon-
etary, and health adversities has helped it mitigate many uncertainties.
The country’s manufacturing PMI (Purchasing Managers’ Index) has been
consistently hovering over 50 PMI points for many months, indicating an
economic expansion and improvement in manufacturing. India’s services
activities also expanded rapidly, moving to 59.2 PMI in June, according to
S&P Global India Services PMI Business Activity Index.
With regard to technology and product development, industries are
reaching out to work closely with the Ministry of Heavy Industries, Gov-
ernment of India, besides self-funded R&D initiatives.
Under the Scheme of ‘Enhancement of Competitiveness in the Indian
Capital Goods Sector – Phase II’, companies are developing products and
technologies to enhance manufacturing competitiveness. I urge indus-
tries to make optimum use of the scheme.
Globally, with the geopolitical crisis unfolding, the increasing cost of raw
materials is posing challenges. However, industries, especially the Auto
sector in the electric two-wheeler and three-wheeler segments, are do-
Source: BFW ing satisfactory business.
Industry sectors such as Rail-
ways, Infrastructure, Renew-
able Energy, Aerospace and Industry sectors such as
Defence, Toy Manufacturing, Railways, Infrastructure,
Furniture Manufacturing, Renewable Energy,
and so on are stepping up
capital investments. All these Aerospace and Defence, Toy
RAVI RAGHAVAN augur well for the Machine Manufacturing, Furniture
PRESIDENT Tool industry business.
INDIAN MACHINE TOOL The recent successful Manufacturing, and so on are
MANUFACTURERS’ ASSOCIATION trade shows held at our stepping up capital investments.
(IMTMA) Bangalore International All these augur well for the
Exhibition Centre (BIEC) Machine Tool industry business.
have rejuvenated business
confidence and the Exhi-
bition industry outlook. The
industry now eagerly awaits IMTEX 2023 & Tooltech 2023, along with
Digital Manufacturing, which is scheduled for January 19-25, 2023, at
BIEC, Bengaluru. There’s a significant optimism and interest among
industries, and IMTEX 2023, in its physical avatar after a gap of four
years, is expected to further fuel India’s aspirations of becoming a global
manufacturing hub.

6 | July-August 2022 Modern Manufacturing India