Economy

Indian machine tool industry expects to grow to ₹10,000 crore in FY23

Isha Rautela | | Updated on: Jun 16, 2022

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The Indian Machine Tool Industry which is presently about ₹6,600 crore is expected to see significant growth in the coming year. “The industry is expected to reach ₹9,500-10,000 crore in 2022-23. The outlook is positive,” said, Ravi Raghavan, President, Indian Machine Tool Manufacturers’ Association (IMTMA) at the inauguration of ‘IMTEX FORMING 2022’.

According to the World Machine Tool Survey 2021, globally the Indian Machine Tool Industry ranks 11 th in production and eighth in consumption.

‘IMTEX FORMING 2022’ which is South East Asia’s largest exhibition on forming technologies, along with Tooltech and Digital Manufacturing’ was inaugurated today at Bangalore International Exhibition Centre.

The exhibition was inaugurated by Ashwath Narayan , Minister of Higher Education, IT & BT, Science and Technology and Skill Development, Government of Karnataka, and K Sivan, Former Chairman, Indian Space Research Organization (ISRO).

IMTEX is being organised after an interval of around 30 months due to Covid. This year the exhibition space covers 33,000 square metres with 350 exhibitors from 19 countries. The expected footfall is around 40,000 people.

Exhibitors are displaying forming technologies such as presses, welding and joining, high speed laser machines, robotics and automation in sheet metalworking, additive manufacturing, metrology, and computer-aided design (CAD) / computer aided manufacturing (CAM).

Ashwath Narayan, emphasised the need to scale up the quality of skilled manpower in manufacturing sector.

“When it comes to manufacturing and mechanical sector, the opportunities are plenty but we are not able to capture it in terms of what we are anticipating or planning.” The confluence of IT and manufacturing will make Karnataka a leader in digital manufacturing technologies, the IT &BT Minister added.

“As the space sector is open to private industries today, there are immense opportunities for manufacturers to offer integrated services for building large vehicles and satellites,” said Sivan. He added that machine tool industry plays an important role in manufacturing high precision and complex parts that are required by space and strategic sectors.

The exhibition has two major shows, Tooltech, showcasing parts, accessories and systems for machine tools and manufacturing technology and digital manufacturing, showcasing 3D Printing and evolutionary Industry 4.0 concepts.

Apart from the two shows, for the first time, IMTEX added AatmaNirbhar Bharat Pavilion, which is a display of indigenously built technologies, and i2 Academia Pavilion with 20 institutions including IIT Bombay and Madras showcasing R&D and live demo of Industry 4.0 at IMTMA Technology Centre.

IMTMA formed in 1946 is the apex body and single point of contact for the machine tool industry in India.

Published on June 16, 2022
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