IMTMA Special News Bulletin - October 2021

Indian economy is all set to accelerate with services sector resuming operations in full swing and manufacturing activities gaining momentum from August onwards as vaccination drive is picking pace.

Government of India’s recent PLI scheme for automobile and auto components sectors is expected to usher investments worth ₹ 42,500 crores in five years and incremental production of over ₹2.3 lakh crores. This will bode well for machine tool industry’s business as machine tool industry is strong when auto industry is strong.

In a related development which could have wider ramifications on manufacturing industry, Ministry of Heavy Industries, Govt. of India, has launched six Technology Innovation Platforms called TIPs.

These virtual platforms will bring together problem seekers, problem solvers, academia and all stakeholders under one umbrella. Premier institutions like CMTI, HMT, IIT-Madras, IISc, and others, will address the needs of machine tool industry.

According to the ministry this would help in bringing all of India’s technical resources on one platform and identify the technological challenges faced by the industry.

India is making rapid strides in emerging sectors including defence which recently witnessed some developments such as the Ministry of Defence placing an order for supply of 118 main battle tanks for the Indian army, or Tata inking the biggest private sector contract for making military aircrafts for the Indian Air Force. Developments such as these will bode well for the machine tool industry in the long-term.

Exhibitions have finally restarted after a long gap of coronavirus induced lockdowns. The success of the prestigious India International Jewellery Show Premiere at BIEC will instil confidence among organizers to hold shows. Some big ticket exhibitions such as Agritech and Excon, followed by IMTMA’s own flagship exhibition IMTEX will propel business activities.

IMTMA turned 75 on 20^th September 2021. Founded in 1946, IMTMA has over 460 members in its fold. The Association held its 75th Annual General Meeting (AGM) on 20th September 2021, on digital platform.

Mr. Ravi Raghavan, Managing Director, Bharat Fritz Werner Limited was elected as the President of IMTMA for the year 2021-2022. Mr. Ravi Raghavan succeeds Mr. Indradev Babu, Managing Director, UCAM Private Limited as IMTMA’s President for the year 2021-2022. Mr. Rajendra S. Rajamane, Managing Director, Rajamane Industries Private Limited was elected as the Vice President of IMTMA for the year 2021-2022. The new Executive Committee of IMTMA for the year 2021-2022 was also formed. A logo commemorating IMTMA’s 75 years was unveiled on the occasion.