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Challenges in the Machine Tool sector

The manufacturing sector has always been a vital contributor to the GDP of any country, and it is no different in India. In fact, we can see that India is at the tip of high rate of industrialisation across the country.

The Gardner Machine Tool survey 2016 states that India imports 58% of the machine tools out of the total amount of machine tools it requires for domestic consumption. This means that we have a shortage of machine tool manufacturing companies that manufacture components and equipment, which have a ready market in our country. This is presently the biggest challenge that the machine tool sector of the country is facing.
How is this challenge being addressed? The machine tool industry is highly in support of the government’s ‘Make in India’ program, and believes that the initiative will boost the sector to help reduce the number of imports in the country.

Take a look at the Knowledge Paper developed by CNCTimes.com which talks about the challenges faced by the machine…
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‘Make in India’ a Reality

India is on the road to make the country a manufacturing hub the popular ‘Make in India’ initiative of the government. The increase in development and growth in local manufacturers of capital goods has resulted as a key to achieving this goal of the country.
The Exclusive Whitepaper of Frost & Sullivan titles ‘Smart and Sustainable Manufacturing- The Changing Era of Indian Manufacturing’ states that the demand for machine tools in India is likely to grow at a CAGR of 15% annually, and roughly 60% of the demand is addressed by imports currently. Such high potential of the industry has given a boost the manufacturers of the Indian machine tool industry to expand and diversify their range and grow at an incredible pace resulting in reducing the imports of the country.

‘Make in India’ is today at its beaming glory as the initiative has become a reality, and the country is moving towards becoming stronger on building and developing new products and technologies.