India’s machine tools industry to grow 12-17%: AIEMA

Chennai, June 8 (KNN) India’s machine tools industry is expected to grow at a rate of 12-17 per cent in the next three years, said the Ambattur Industrial Estate Manufacturers Association (AIEMA) on Wednesday.

Briefing media professionals, Past President of the association P S Ramesh said, they are expecting the industry to grow at a range of 14-15 per cent for FY23 over the previous year of 2021-22.

In FY22, the industry recorded revenues to the tune of USD 1,249 million and exports at USD 122 million.

In the export segment, there was a marginal drop in the first quarter of FY24 but the association hopes to gain in the coming quarters. 

Units at Ambattur Industrial Estate predominantly manufacture auto components.

T Nalangili, President AIEMA said, a centre of excellence for smart and advanced manufacturing is coming up in the industrial estate with a focus on enabling the manufacturers to upgrade in designing technology, new product development, testing and simulation.

AIEMA is organising ACMEE 2023, an international exhibition of machine tools at the Chennai Trade Centre between June 15 and 19.  (KNN Bureau)