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As the pump industry in Coimbatore is facing falling sales because of economic slowdown, it is essential for the manufacturers to innovate and come out with new products, the newly elected President of the Southern India Engineering Manufacturers’ Association (Siema) V Lakshminarayanasamy has said.
Though many pump manufacturers here have already established a global footprint, he said the international markets offered great potential and he would strive to encourage the Coimbatore pump industry to improve the share of the export pie.
Speaking at the AGM of Siema here on Wednesday, he said his vision was to increase the market share of the Coimbatore pump industry in the domestic market from 45 per cent to at least 50 per cent. Because of the economic slowdown, he said, there was a `noticeable fall in the sale of pumps’ in the past one year which had necessitated austerity measures by the industries and in Siema as well. While the Siema members did not compromise on quality, they had to look at `ways to remedy our falling sales figures’.
He said during his term he would focus on engineering quality and on innovation to emerge globally. While stating that the economic slowdown would not change the focus of the industry on quality, he said with a view to meet this new challenge, he would look at finding innovative ideas, adaptation of lean manufacturing and value addition so that the Coimbatore pump industry not only enhanced its market share in the domestic market but increased its profitability as well.
Lakshminarayanasamy, who is the MD of Suguna Industries, Coimbatore, also urged the Siema members to come out with new products and processes so that they grew together. Though the pump industry here has established itself in the global markets, he felt there were `many new opportunities abroad’ and his intention was to `motivate the members’ to explore them and cater to the needs of the new markets that are emerging.
He said he would also work towards strengthening the relationship with institutions like the Bureau of Indian Standards and BEE and other government agencies to further the interests of pump industry. He also has planned to organise educational programmes for technical and managerial development, lean manufacturing and for succession planning in family businesses.
The others elected were K K Rajan, V Krishnakumar and K V Karthick, all as Vice Presidents of Siema.
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