Lakshmi Machine Works Ltd, Machine Tool Division, has been a regular participant in ACMEE. “We have been participating in ACMEE for over a decade now. This has been the best and ideal platform to connect with the customers in Chennai and adjoining areas,” shares Mr. K Sreeramachandra Murthy, President – Operations, Lakshmi Machine Works Ltd, Machine Tool Division.
In the 2023 edition of the show, he plans to meet the expectations of the growing auto sector with the company’s machining solutions, highlighting productivity, accuracy, and high ROI, which are its USPs. “In addition to that, we would be focusing on the sectors including EV, Valves, Fittings, Oil & Gas, and Electrical & Electronics,” he adds.
The company is planning to launch a number of machines in FY 2022-23, from which it will be showcasing about four new machines at ACMEE 2023. “The machines will be positioned to meet the Auto sector’s requirements primarily, and other sectors like Die & Mould, General Engineering, etc., will also be addressed,” he informs.
Progressing Steadily
Elaborating on the country’s standing among its global peers, Mr. Murthy states, “India occupies 10th position in global machine tools production. Its share in global production is about 0.9 percent. The machine tools market in India is poised to grow by ₹14,000 crore during 2020-24, progressing at a CAGR of nearly 13 percent during the forecast period.”
According to him, the factors that are driving the growth include:
- The Auto sector, a key user of machine tools, is set to grow 3.5 to 4 times from its current size of ₹5.7 lakh crore to reach about ₹23.4 lakh crore by 2026.
- The rise of Electric Vehicles is to play a key role as the EV market size will cross ₹1,600 crore by FY 2023.
- The Indian Government plans to spend ₹70,221 crore over the next five years to achieve self-reliance in defence production.
- India is estimated to become the third-largest aviation market in the world by 2025 and will likely need nearly 1,500 new commercial aircraft by 2030.
“Some relevant government policies aiding the growth include 100 percent foreign direct investment (FDI), consistent reductions in import duties, and exports being recognized as a national priority by all union and state government agencies,” he adds.
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