Kamal Nath seeks investments in machine tool sector

Bangalore: The Union Commerce and Industry Minister, Mr Kamal Nath, said the manufacturing sector should accelerate its growth momentumto increase its contribution to 25 per cent of the GDP from 17 per cent. This would help the country realise its target of reaching the 10 per cent GDP rate.

Addressing participants at the Indian Machine Tools Exhibition (IMTEX) 2007 here on Thursday, Mr Kamal Nath said with the manufacturing sector making a strong bid to occupy its critical role in the economy by posting more than 10 per cent growth in the last few quarters, it was time India synergised its advantages of young workforce and knowledge base to partner with overseas investors for a stronger economic growth.

Trade Agreements


He said: 'India is emerging as the hub of manufacturing activity in Asia. With India keen on signing several trade agreements with various countries, we should emerge as the gateway to the Asian market.'

The Minister also called upon overseas participants to partner in India growth opportunities with investments in the machine tool sector, which was key driver for the manufacturing sector.

The Chief Minister of Karnataka, Mr H.D. Kumaraswamy, assured the investors that the Karnataka Government would take all steps to strengthen the infrastructure facilities to facilitate easier trade and business.

The week-long event is being held at a new venue built by the Indian Machine Tools Manufacturers Association (IMTMA). The 40-acre centre would be the permanent venue for IMTEX.

Tool Centre


Leading international participants in IMTEX include, China, Singapore, Spain, Taiwan and the UK, apart from machine tool giants, Germany and Japan. Later, addressing a press conference, Mr C.P. Rangachar, President, IMTMA, said the association has sought Centre's assistance for Rs 500 crore for a Machine Tool Development Centre, which would help the machine tool sector to upgrade and innovate new technologies for better competitiveness.

He said IMTMA was in touch with Aachen University — a leader in machine tool technology — and other prominent institutions in Germany for promoting the industry-academia linkage for development of new technologies.

IMTMA has also sought additional land in and around IMTEX complex to accommodate more machine tool display stalls, particularly textile, garments and plastic machinery units — the new growth segments for the machine tool industry.