The Indian machine tools industry, which was one of the first to be opened up when reforms began and was thus in the doldrums for a good part of the nineties, is fighting fit to take on global competition.
The morale booster for the industry has come from car companies such as Hyundai, Ford and Daewoo, which initially brought in their entire plants, but are now sourcing their subsequent expansion requirements from within India. This has added substantial value to their capital expenditure budgets.
The industry is particularly fond of mentioning the Rs 250 crore expansion plan of Toyota Kirloskar Auto Components to make transmission parts.
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By sourcing from India, the initial planned purchases were completed at less than a third the cost, Rs 75 crore, thus leaving the balance for further purchases and giving far greater value.
This is the mood in which the machine tool industry will showcase itself at the second National Manufacturing Technology Show which begins here tomorrow. The event is being organised by the Indian Machine Tool Manufacturers