Machine Tool Industry Needs To Produce High Precision Machines For Realising $5 Trillion Economy
The Indian machine tool industry aims to support the manufacturing sector in doubling its GDP contribution to $500 billion and achieving a $5 trillion economy by FY2026.
Indian machine tool industry needs to produce high-precision machines to aid the manufacturing sector to double its contribution to GDP to $500 billion and realise the target of $5 trillion Indian economy, a top industry official said.
Speaking at the inauguration of IMTEX FORMING 2024, Titan Company Managing Director C K Venkataraman said India is expected to become a $5 trillion economy by FY2026 and the manufacturing sector needs to contribute $1 trillion.
"This demands a significant contribution from the machine tool industry," he said.
For the manufacturing sector to double its contribution to reach $500 billion, the Indian machine tool industry needs to produce high-precision machines and meet the current demand of producing sophisticated parts in various metals like titanium and others, Venkataraman said.
Also, he stated that with many foreign companies establishing their units in India, the country could become Factory of World 2.0.
The IMTEX FORMING 2024 is the Asia’s largest exhibition on metal forming and manufacturing technologies which is being held at at the Bangalore International Exhibition Centre, Bengaluru.
Kirloskar Systems Chairperson & Managing Director Geetanjali Kirloskar said, "The manufacturing sector is positioned to do very well in the next few years."
She added that the automotive sector and the machine tool industry have a symbiotic relationship with one sector’s growth pushing the demand in the other.
The growth of the automotive sector has been the driving force for machine tools for many years, she opined.
President, Indian Machine Tool Manufacturers’ Association, Rajendra Rajamane said that the consumption of machine tools during 2022-23 increased by around 55%.
The numerous opportunities in sunrise sectors would further propel the demand for machine tools. Meanwhile, metal forming production is expected to grow at a CAGR of around 10% in the next 5 years, he opined.
The five-day exhibition covers the latest technologies and trends in metal forming such as presses, bending, welding, and joining, high-speed laser machines, robotics and automation in sheet metal working, additive manufacturing, metrology, CAD/CAM, etc.
Developments in forming machinery, near-net manufacturing, additive manufacturing, digital manufacturing, shopfloor automation, and Industry 4.0 are also being showcased.
