Machine tool industry is the most vital element of the Manufacturing industry. The increased industrialization paved the way for machine tool industry and Indian machine tool industry country is set to become a key player in the global machine tools industry.
Although the machine tool market in India is poised to grow by USD 1.9 billion during 2020-2024, progressing at a CAGR of nearly 13% during the forecast period, there are several challenges faced by the industry. According to the data, high – end technology machine tools are still majorly imported in India. The recent announcement of Atmanirbhar Bharat has brought relief among the industry leaders as it will reduce import dependency.
Indian machine tool industry must focus on the challenges faced by the organization as it is the need of the hour.
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