India’s Economic Surge: PMI Stays Strong and Machine Tool Expo Set to Showcase Innovation

India kicks off the financial year 2024-25 with a promising outlook, as leading institutions like the International Monetary Fund (IMF) forecast a robust 6.8% growth, despite global geopolitical challenges. The Reserve Bank of India (RBI) projects an even higher GDP growth of 7%, driven by strong consumption demand and increased private capital expenditure.

The country’s manufacturing sector continues to thrive, with the Purchasing Managers’ Index (PMI) remaining above 50, signaling expansion. Key sectors such as Renewable Energy, Electronics, and Semiconductors are benefiting from Production-Linked Incentive (PLI) schemes and favorable policies.

The Indian Machine Tool industry saw significant growth in FY 2023-24, with production and consumption increasing by approximately 10% and 11% year-on-year, respectively. This growth trend is expected to continue, bringing new developments in the coming quarters.

To further bolster this momentum, the Indian Machine Tool Manufacturers’ Association (IMTMA) is organizing the Pune Machine Tool Expo (PMTX) 2024, along with the co-located FACTEQ 2024 expo. Scheduled from May 23-26, 2024, at the Pune International Exhibition and Convention Center (PIECC) in Moshi, Pune, this event will cover an exhibition space of around 12,500 square meters and feature approximately 200 exhibitors.

PMTX 2024 and FACTEQ 2024 provide a prime opportunity for the manufacturing community to network and explore the latest technologies and solutions. Industries are encouraged to participate and benefit from the innovations on display at this significant event.

Original source MMI