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According to the Indian Machine Tool Manufacturers Association (IMTMA), India's machine tool industry turnover will reach 38.7 billion rupees in the 2011-2012 fiscal year, an increase of 24.8% over the current fiscal year. Good growth momentum has enabled IMTMA to set a target of 25% for the industry's compound annual growth rate (CAGR) over the next 10 years. By 2020, the industry will reach Rs 230 billion.
Despite this, the industry still faces some challenges. First, it is necessary to expand the scale of production capacity to meet market demand, while expanding the industrial base to provide infrastructure for the aerospace, defense, power and automobile manufacturing industries. Funding is another big challenge: most banks are not prepared for financing, and competition from free trade agreements and WTO negotiations may have an impact on the industry.
Local machine tool companies in India have realized that their equipment is currently unable to meet the surge in market demand. This means that about 70% of machine tool equipment needs to be imported from Germany and China, and the trend may be further strengthened if the industry does not take measures. As India's GDP maintains nearly 9% growth, demand for machine tools in industries such as automotive, engineering, energy, railways and defense is expected to grow exponentially. According to IMTM, the industry's growth rate will reach 50% to 100% in the next few years.
Shailesh Sheth, former chairman of IMTMA, pointed out: “In order to achieve CAGR's growth target of 25%, the Indian machine tool industry needs to invest Rs 40 crore in the next 10 years to strengthen technology research and development to enhance the competitiveness of the industry.†IMTMA proposes the purpose of 10-year development planning It is to develop Indian machine tool technology, increase production, reduce dependence on imports, provide sustainable manufacturing competitiveness and enhance national security. The goal of IMTMA is to increase the localization rate of Indian machine tools to 50% within 5 years and to 67% by 2020.
India's machine tool industry has a promising future in the next 10 years
The financial crisis of 2008-2009 caused the Indian machine tool industry to suffer from order cancellation, delivery delay and financial tension. However, after the financial crisis, the industry once again showed explosive growth. It is predicted that the output value of the Indian machine tool industry will increase from Rs. 1,250 crore in the 2008-2009 fiscal year to Rs. 31 billion in the 2010-2011 fiscal year. Due to the economic recovery and the prosperity of the automobile and its parts industry, the order volume has increased significantly. In two years, the growth rate of Indian machine tool output has reached 117.5%.