New Manufacturing Policy Will Promote Development of Indian Machine Tool Industry

India is one of the fastest growing economies in the world and one of the world's most important industrial manufacturers. With the rapid development of India's automotive, defense, aerospace, railway and consumer durable goods industries, the demand for metal processing machines has also grown rapidly. The machine tool industry has always played a crucial role in enhancing Indian international competitiveness and promoting the development of the manufacturing industry. In 2010, India’s consumption of metal processing machine tools was US$1.74 billion, ranking seventh in the world; import value was US$1.25 billion, ranking fifth in the world, and imports accounted for 72% of consumption, indicating that the industry’s import dependence was relatively high. . In order to increase the competitiveness of India's manufacturing industry, the Indian government recently passed a draft policy that plans to increase the share of manufacturing in India's GDP from the current 15% to 16% to 25% in 2025, and will Create 100 million jobs. The draft proposes to establish a national-level manufacturing investment base for the construction of large-scale investment projects and the provision of world-class infrastructure. Indian Prime Minister Manmohan Singh pointed out in a government statement that the new measures will reduce the corresponding burden on the industry. The new manufacturing policy emphasizes the establishment of a manufacturing promotion committee to ensure coordination between the central and state governments. The policy also encourages Indian companies to develop local technology through government incentives and financial subsidies. Manas R Bastia, editor of Modern Machine Tool (MMT), a well-known metal processing magazine in India, pointed out: “According to experience, at the time of global economic recovery, the contribution of local technology is needed to achieve leapfrog development, especially in India's metal processing industry. This will promote India's industry to achieve international standards in terms of innovation, scale, technology, human resources and services. In this context, the model of public-private partnerships is of great significance."