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German machine tool industry continues to arouse strong interest in India, as the economy is expected to pick up speed in the years ahead, with industrial production output and capital investment both rising. For the fourth time in succession, the VDW (German Machine Tool Builders’ Association) has joined forces with the German-Indian Chamber of Industry and Commerce to organize one-day symposia in Chennai and Pune, India in March.
According to the VDW, India came eighth in the world rankings for machine tools in 2015. VDW’s British forecasting partner, Oxford Economics, expects the Indian economy to pick up speed in years ahead, with industrial production output and capital investment both rising. The machine tool market is predicted to expand by 9 to 10% in both 2016 und 2017. The growth of the Indian market is directly linked to improvements in the local infrastructures, indicating the huge potential that the machine tool market of India has to offer.
It was in 2007 and 2008 the German machine tool sector achieved its biggest successes in India, according to VDW figures. Exports reached a figure of just under €300 million. In 2014, the volume of exports was a mere €150 million. In 2015, however, signs of a turnaround emerged, which the sector is keen to benefit from. To quote Dr. Manfred Berger, executive vice president Global Sales at MAG IAS in Eislingen said, “It’s primarily the automotive industry and its component suppliers that are our principal focus in India. We are anticipating significant growth in these customer sectors in the future. International component suppliers, in particular, are exhibiting growth potential of exceptional dynamism.”