The Aatmanirbhar program and PLI schemes are a definite advantage
January 4, 2023 2:59 pm
Government policies such as 100 percent foreign direct investment (FDI) are allowed, import duties have been consistently reduced, and exports are being recognised as a national priority.
Reconnecting with our customers and prospects at IMTEX 2023
LMW has been participating in IMTEX for the last three decades. It has always been an excellent opportunity to connect with customers in India and overseas. IMTEX 2023 is happening after four years instead of the normal two years due to Covid. We are very ea-ger to reconnect with our customers and prospects. We have plans to fulfil their expecta-tions with our state-of-art machines and solutions.
Customisable machines for different industry needs
We are planning to launch several machines in IMTEX 2023. These machines will meet the requirements of Automobiles, Bearings, Fittings, Electrical and Electronics, Pumps, Valves, Oil & Gas, etc.
In a holistic approach, we focus on ease of operation, smart solutions and high-value creation for our customers. The essence will be high productivity and machining quality, resulting in a good ROI.
Innovative compact and cost- effective products planned for global markets
Our innovation focuses on market requirements; the machines must be easily customisa-ble for different industry needs. We have introduced very compact, cost-effective and high-speed products that will address the needs of small component manufacturers where volumes are very high, like the bearing industry. We also have products that are planned for the global market, which means the machines are state-of-art, have high feed rates with rapids up to 60 m/min and spindle speeds up to 24000 rpm. The machines also have accelerations of 1G. This means the non-cut time is greatly reduced, resulting in faster and higher production. In addition, all our machines are IoT-ready.
On the operations side for customer connect, we have introduced a new customer portal for online sales of spare parts (e-commerce) and mobile Apps for customer connect. The entire service operation is digital or simply paperless. In the last three years, we have in-credibly focused on digitalisation.
Manufacturing outlook for 2023 in the country
India occupies the 10th position in global machine tools production. Its share of global output is about 0.9 percent. The machine tools market in India is poised to grow by 14,000 crores during 2022-24, progressing at a CAGR of nearly 13 percent during the forecast period.
Driving factors include the following.
• The auto sector, a key user of machine tools, is set to grow 3.5 to 4 times from its current size of INR 5.7L crore to reach about 23.4L crore by 2026
• Rise of Electric Vehicles to play a key role as the EV market size to cross INR 1600 crore in the coming FY
• Indian government plans to spend about INR 70 thousand crores over the next five years to achieve self-reliance in defence production
• India is estimated to become the third-largest aviation market in the world by 2025 and will likely need nearly 1,500 new commercial aircraft by 2030
Government Policies such as 100 percent foreign direct investment (FDI) are allowed, and import duties have been consistently reduced. All unions recognise exports as a national priority, and state government agencies have helped the manufacturing industry, especially after the COVID impact.
So far as the prospect for Make-in- India to push manufacturing sector growth in India is concerned, the Aatmanirbhar program and PLI schemes have enhanced the Indian growth story. We see a very positive approach and results. In the present world economic scenario, this is an advantage for India.
Clarity on Industry 5.0
The industry is yet to realise the benefits of Industry 4.0 fully, and a lot of work is being done on analytics and value creation. We hope there will be clarity on Industry 5.0 at IM-TEX 2023. This will help us to prepare for the transition seamlessly.