What, according to you, are the key challenges the Indian machine tool industry is facing today?
The machine tool industry faces persistent challenges affecting its business success. Many SMEs and MSMEs struggle with limited funds for R&D and manufacturing high-quality products at competitive prices. Collateral-free debts such as the Startup India Seed Fund Scheme and the SIDBI Fund of Funds will help these industries and aspiring entrepreneurs gain access to low-cost capital and overcome cash flow issues.
India needs to lower its dependence on foreign suppliers for machine tool components and subsystems through a mix of policy initiatives that tap into the design and manufacturing capabilities of companies. Government support for funding R&D initiatives is needed to overcome the technology gap in curbing the import of hi-tech machines.
Additionally, addressing the attractiveness of salaries is essential to attract top engineering talent to the machine tool and manufacturing sectors. Also, global machine tool manufacturers are establishing facilities in India, giving more competition to domestic manufacturers.
How does IMTMA envision the Indian machine tool industry enhancing its export market potential and finding new avenues? What key factors need to be kept in mind?
This story is from the February 2024 edition of The Machinist.
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This story is from the February 2024 edition of The Machinist.
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