India is an attractive hub for foreign investments in the manufacturing Sector. With impetus on developing industrial corridors and smart cities. the government aims to ensure assist in integrating. monitoring and developing a conducive environment for the industrial development and promoting advance practices in manufacturing.
The machine tool industry is key to the government's flagship 'Make in India' and 'Skill India' initiatives. given that it makes the machines required for the manufacturing sector. Machine tools are used extensively by companies across several applications Such as die molding, part manufacturing, aerospace. shipbuilding. electrical and electronics. defence. railways. healthcare, and consumer durables of which the automotive industry is the largest consumer.
The growth Of automotive industry in India is the primary growth driver for this market. The automotive and auto components industry has accounted for about 40% Of machine too's consumption in India. India is the automotive export hub in the South Asian market for Some Of the maior auto OEMs like Ford, Isuzu. Suzuki, Honda, Mercedes • Benz, and Fiat. This growth in the overall consumption is attributed to the increasing import Of advanced product lines from countries like Japan. Germany. and Italy.