09 May 2022
Machine Manufacturing Industry is Booming
The Manufacturing sector has seen a revival in India and as disruptions in global supply chains continue Industry is looking for reliable suppliers closer to home and away from disruptions in global logistics. This revival has seen an upward trend in the demand for machines and equipment from the manufacturing sector in India. India’s contribution to world manufacturing output is sixth. This is however slated to change with Industry globally looking towards India for machine manufacturers, equipment, and industrial machine manufacturing companies.
India is amongst the top ten machine manufacturers in the world. As is true with the rest of the world, India today has a high demand for machines that incorporate Artificial Intelligence. The Government’s Make in India initiative has given a flip to automated and process-driven manufacturing, leading to increasing demand for high-end equipment and machinery. It is estimated that machinery manufacturers exported US$ 5 billion worth of machinery in 2021. Amongst these exports were machines catering to the electrical industry, food and dairy sectors the world over. The Government of India is focusing on promoting the Indian manufacturing sector and as a major step is contemplating a ban on importing used plants and machinery over 5 years old.
2021 saw one of the highest growth rates in India’s manufacturing sector. A Goldman Sachs report says that the manufacturing sector witnessed a 460 percent jump in 2021-22 as against 2019-20. The report also states that new investment announcements by the private sector saw a 145-150 percent rise in 2021-22 in comparison to the previous financial year. All of these are indicators that Indian machine equipment manufacturers can see a further rise in demand for machines.
The production linked incentive (PLI schemes) of the government of India has given a much-needed boost to sectors like electronics, pharmaceuticals, telecom, automobiles and auto components, advanced chemistry cell, and textiles. This in turn is going to see individual companies invest in their infrastructure leading to higher demands on industrial machine manufacturing companies and machine equipment manufacturers. The industrial machine manufacturers and machine equipment companies located in Patparganj Industrial Estate are well equipped to meet the requirements of India’s manufacturing sector.