New manufacturing policy will promote the development of India's machine tool industry

by:Gewinn     2022-05-17
India is one of the fastest growing economies in the world and one of the world's most important industrial manufacturing countries. With the rapid development of India's automotive, defense, aerospace, railway and consumer durables industries, the demand for metalworking machine tools is also growing rapidly. The machine tool industry has been playing a vital role in enhancing India's international competitiveness and boosting the manufacturing sector. In 2010, India's consumption of metal processing machine tools was 1.74 billion US dollars, ranking seventh in the world; imports were 1.25 billion US dollars, ranking fifth in the world, and imports accounted for 72% of consumption, showing that the industry is highly dependent on imports. . In order to improve the competitiveness of India's manufacturing industry, the Indian government recently passed a draft policy, which plans to increase the share of manufacturing in India's GDP from the current 15% to 16% to 25% in 2025, and will provide the industry's Create 100 million jobs. The draft proposes the establishment of a national-level manufacturing investment base for the construction of large-scale investment projects, equipped with world-class infrastructure. Prime Minister Manmohan Singh said in a government statement that the new measures will ease the corresponding burden on the industry. The new manufacturing policy emphasizes the formation of a manufacturing promotion committee to ensure coordination between the central and state governments. The policy also encourages Indian companies to develop indigenous technologies through government incentives and financial subsidies. Manas R Bastia, editor of Modern Machine Tool (MMT), a well-known metalworking magazine in India, said: 'As a rule of thumb, the contribution of local technology is needed to achieve leapfrog development at a time when the global economy is picking up, especially the metalworking industry in India. . This will facilitate Indian industry to reach international level in terms of innovation, scale, technology, human resources and services. In this context, the model of public-private partnership is of great significance.”
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