Machine tools sector eyes export deals

Tooltech 2005, India's largest international exhibition on cutting tools and tooling systems, is on in the city to showcase technology developments in the sector.

Jamshyd Godrej, chairman of the exhibition, said at the inauguration that it was imperative for the machine tool industry to focus on quality as well as on quantity to become competitive in the international market.

He said Indian exports had made some headway in developed countries like the Indian auto component sector and India could become a quality supplier. The Indian cutting tool industry also needs to restructure.

Major players can look at up units in special economic zones (SEZ) or free trade zones to be competitive in the global market, experts said at the inaugural session. This could make India a major base for other developing countries.

Tool manufacturers however feel that existing taxes on the sector are too high and need to be reduced to boost growth.

The industry has grown at 15 per cent in the first nine months of the current fiscal on the back of growth in the manufacturing sector. Further, industry players expect sales to double in the coming year.

While the industry is comparatively small, it is considered the "mother industry" of all production activities.