JULY 202419Machine tool builders should focus on localization of machine parts that will make them more competitive and play a crucial role in building a sustainable supply chainmaterials with high strength to weight ratio, parts having complex geometries and tighter machining tolerances are changing the landscape of the machine tool industry. What is the importance of encouraging an innovation mindset among Indian businesses today?Today, India is poised to grow at an accelerated rate and become a $7 trillion economy by 2030. Innovation will be a key for Indian machine tool builders to ride this growth trend. We have numerous instances of Japanese and German brands that started off as regional players but eventually became global benchmarks in quality and performance. Being one of the largest consumer bases in the world today, there is a tremendous scope for innovating in India, for India and the world. Innovation leads to solving today's problems and maximizing tomorrow's opportunities, thereby enabling Indian business houses to offer new, unique and differentiated products and solutions. Innovation leads to fast paced growth, both in the domestic and global markets. How is the tooling industry addressing the sustainability concerns lately?At the heart of cutting tools is Tungsten Carbide, which is not abundantly available. One of the key steps that some of the leading players in this space have taken is to come-up with ways to recycle and reuse this material, which can significantly bring down its mining and contribute to a circular economy. Again, innovation needs to happen in building more sustainable machines that are optimum on footprint, water, and power consumption. By focusing on green supply chain in the areas of packaging and logistics, building local capabilities through MSMEs and localizing critical components, the industry can make a paradigm shift in the area of sustainability.
< Page 9 | Page 11 >