Challenges in the Machine Tool sector
The manufacturing sector has always been a vital contributor to the GDP of any country, and it is no different in India. In fact, we can see that India is at the tip of high rate of industrialisation
The Gardner Machine Tool survey 2016 states that India imports 58% of the machine tools out of the total amount of machine tools it requires for domestic consumption. This means that we have a shortage of machine tool manufacturing companies that manufacture components and equipment, which have a ready market in our country. This is presently the biggest challenge that the machine tool sector of the country is facing.
How is this challenge being addressed?
The machine tool industry is highly in support of the government’s ‘Make in India’ program, and believes that the initiative will boost the sector to help reduce the number of imports in the country.