Indian machine tools industry to witness growth driven by emerging end-users
According to market reports, “Machine tools industry in India is projected to witness a growth of around 8-10% majorly driven by infrastructure spending and investments in emerging and champion sectors.”
The covid hit economy has been detrimental for MSME sector in India however, with cases declining and economic activities restarting post second wave is finally helping the machine tools industry. The machine tools industry in the country if primarily dependent on the auto sector. If the automobile sector is doing well it directly drives growth in machine tools industry.
In addition, growing demands from emerging end-user sectors such as aerospace, defence, railways, power, medical equipment, electronics, etc. is projected to offer lucrative business opportunities for the machine tools industry. When these sectors along with auto sector witness disruption or degrowth then machine tools industry is negatively impacted.
With new schemes and PLI, government is identifying new growth sectors which is further expected to foster the demand for machine tools. Moreover, the increase in budget outlay for railways, power, infrastructure, etc., is expected to trigger demand for capital goods and machine tools.
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