India, the next manufacturing hub of the world; The Economic Times International Toolingsummit

​​March 01 2016,  19.53 PM IST || Pocket News Alert

Mumbai, February 26, 2016: The Economic Times recently conducted ​​International Tooling Summit to discuss the eminent role of toolingin the ambitious 'Make in India' initiative. Held in Mumbai, the event was brought forth in association with TAGMA India.

India today stands amongst the twenty largest producers of cutting tools in the world. The tooling industry as per the industry survey is estimated to be Rs. 15,100 cr for 2014-15 out of which close to Rs. 8,000 cr is met indigenously. Understanding  the importance of the sector in the infrastructure of the economy, ​​Sunita Quadros, Business Head, TCL said, " The strength of tooling industry is directly associated to the growth of auto and electronics business. We, at Economic Times are glad that we could provide a platform which triggers discussions, provides insights and facilitates change and growth of the sector."

Sharing his views ​​Kamal Bali, MD, Volvo said, "I believe that the "Make in India" program strikes at the root of the critical shortcomings in manufacturing, namely the need for higher value-capture in India. The tooling industry is rightfully positioned to fulfill this shortcoming by facilitating higher value addition, thereby creating greater economic activity. Competitiveness of the Indian manufacturing sector, more jobs, inclusive and sustainable growth will pave way for higher exports from India."

The event saw several thought provoking panel discussions, as a part of which ​​Anoop Chaturvedi, VP, Production Engg., Maruti said, The Indian automobile/manufacturing Industry is rapidly evolving as a key global player. This rapid growth coupled with globalization has led developments in technology and regulations. This offers growth opportunities to tooling industry, which is known for low cost manufacturing but need to build world class capabilities in design & innovation, robust processes, and reduce product development time while keeping focus on quality."

As a part of the panel 'Making India the manufacturing hub of the world' ​​Dr. Wilfried G. Aulbur, Managing Partner India, Chairman Middle-East & Africa, Head Automotive Asia, Roland Berger Strategy Consultants Pvt. Ltd. said, "National manufacturing industries depend on high-performing tool manufacturers to bring products to market. Meeting quality, performance, aesthetics and cost targets is impossible without reliable partners on the machine tool side. India's machine tool manufacturers have moved up the value chain as the increasing success in import substitution demonstrates. However, to be true partners in making "Make in India" happen, further improvements across a number of process parameters are necessary."

Despite various challenges, the Tooling industry  has managed to surge ahead in the last ten years with diversification into several emerging areas. It has given a new lease of life to the sector with an expectancy of 15-20% year-on-year growth.