India will invest 30 billion rupees to develop the machine tool industry in the next 3 years

The chairman of the Indian Machine Tool Manufacturers Association (IMTMA) recently stated that the current demand for domestic machine tools in India relies too much on imports, and the country must continuously narrow the technological gap with international advanced products by enhancing productivity and enhance the stability and accuracy of products. At the same time, more efforts must be made in the introduction of modern technology and market strategy planning to reduce imports and increase the competitiveness of Indian machine tools in the export market. He also emphasized that while carrying out technological innovation, modern safety concepts must be implemented. According to reports, in the next 2 to 3 years, the Indian machine tool industry plans to invest 20 billion to 30 billion rupees. IMTMA will also actively give play to the potential and advantages of the industry-academia alliance, rely on independent innovation to develop new products, and accelerate the introduction of new technological concepts such as mechatronics and hard cutting, and strive to achieve a growth rate of 35% in the next two years.