India News | Machine Tools to Generate USD 3.8 Bn Revenue by 2030: Karnataka Minister Patil
Get latest articles and stories on India at LatestLY. Karnataka's Large and Medium Industries Minister M B Patil on Thursday said that the Indian machine tool industry is projected to generate revenue of USD 3.8 billion by 2030, driven largely by the dominance of the metal-cutting segment.
Bengaluru, Jan 23 (PTI) Karnataka's Large and Medium Industries Minister M B Patil on Thursday said that the Indian machine tool industry is projected to generate revenue of USD 3.8 billion by 2030, driven largely by the dominance of the metal-cutting segment.
Speaking at the inaugural event of IMTEX 2025, organised by the Indian Machine Tool Manufacturers' Association (IMTMA), he noted that India ranks 9th globally in machine tool production and 7th in consumption.
Highlighting that the sector generated over USD 2.2 billion in revenue in 2022, the minister emphasised Karnataka's crucial role in the industry, accounting for 52 per cent of India's total machine tool production and ranking as the third-largest contributor to heavy engineering in the country.
He also drew attention to Tumakuru's Integrated Machine Tool Park (TMTP), a state-of-the-art 530-acre facility that has emerged as a hub for domestic and international investments in the sector.
"Karnataka is home to leading players such as ABB, Siemens, BHEL, and Larsen and Toubro. The availability of a highly skilled workforce, nurtured by premier educational institutions, gives the state a competitive edge in driving innovation and precision manufacturing," Patil was quoted as saying in a statement.
The minister also highlighted Karnataka's proactive measures to foster industrial growth, including the formation of vision groups for detailed sectoral planning and partnerships with global industry associations.
"Sustainability will be a key focus as we adopt environmentally friendly practices that align with global goals and investor priorities," he added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)