Galloping growth

IMTEX: Indian machine tool industry targets 35 per cent growth rate by 2015.

Indian machine tool industry, which is likely to end the present fiscal with a turnover of Rs 8,500 crore, has set a target of achieving 35 per cent compound annual growth rate in the next eight years to 2015.

The machine tool industry includes accessories for machine tools, cutting tools and tooling systems.

Said C P Rangachar, president, Indian Machine Tools Manufacturers' Association (IMTMA), "The domestic machine tool industry performed exceedingly well with a 40 per cent in the first half of 2006-07 and is expected to record an over 35 per cent growth for fiscal 2007."

Addressing a press meet here on Thursday to announce the 13th edition of Indian Machine Tool Exhibition (IMTEX 2007), he said the overall growth of the machine tool industry is driven by auto, auto ancillary and other manufacturing sectors. "There are opportunities for all from manufacturers to importers," he said.

The key machine segments driving growth in the Indian machine tool industry are turning centres, machining centres, grinding centres, metal cutting tools and presses. Productivity in the industry is likely to improve by 50 per cent from Rs 2 million to Rs 3 million per employee per year, he said.

Rangachar said the machine tool industry is making a major shift in its focus towards technology, product design and development and making heavy investment to boost capacity to meet both domestic and overseas demand. IMTMA has drawn up a roadmap for the industry to achieve 98 per cent uptime, increase operating productivity, develop versatile, multi-function machines and introduce modern safety concepts. It also aims at increasing the share of exports to 10 per cent of the total sales annually.

The industry's overall vision is to produce "German quality machines at Chinese prices," he added.

The association is organising the 13th edition of IMTEX 2007, a 7-day exhibition of machine tools and manufacturing solutions with international participation from January 18-24 at its own exhibition facility "� the Bangalore International Exhibition Centre (BIEC) "� on Tumkur Road at Peenya.

This is first time that the exhibition is being held at Bangalore. IMTMA is also holding as a concurrent fair, Tooltech 2007, the international exhibition of cutting tools and tooling technology solutions.

The exhibition will feature 1,163 exhibitors which includes 543 from 24 foreign countries. The exhibition is being inaugurated by Kamal Nath, Union minister for commerce and industry.

Shailesh Sheth, media chairman, IMTMA said the total value of exhibits at IMTEX 2007 will be a record Rs 300 crore. Besides, confirmed orders already recorded are worth Rs 600 crore and business enquiries worth over Rs 5,000 crore have been received.