Indian machine tool sector to show flat growth this year

The Indian machine tool industry is expecting a flat growth in its business this year due to the impact of the global economic slowdown. The industry reached a total business of Rs7600 crore (US$155, 612 at US$1:Rs 49.42) during 2007 to 2008 and is now anticipated to reach only a marginal increase this year owing the reduction in orders, deferment of deliveries and machinery imports making serious inroads. Speaking at a press conference to brief about the biennial IMTEX and Tooltech expositions held in January 22 to 28, 2009, Indian Machine Tool Manufacturers' Association (IMTMA) President Narendra K Dhand called upon the union government to help the industry to raise its technology to international level to help the industry to raise its technology to international level. "The impact of global economic slowdown has started showing on the machine tool industry. But the more worrying factor is the pause in technological upgrade the industry is witnessing and overall growth is being hit mainly due to this factor," he said.Nike Air Max