First machine tool park in India seeks investors |
The Indian state of Karnataka, which is the third-highest contributing state for heavy engineering in India and is home to India`s first Aerospace Special Economic Zone, electronics city and several IT parks, is now ready with India`s first integrated machine tool park. The park, which spread over 530 acres at Vasanthanarasapura, about 90 km from Bengaluru is developed under the scheme of Enhancement of Competitiveness in the Indian Capital Goods Sector (ECICGS), jointly by the state government and the Department of Heavy Industries, Government of India. The Indian Machine Tools Manufacturers Association (IMTMA) has provided the technical assistance to the country`s biggest machine tool park which is ready for occupation. Both the state and central governments have set up a special purpose vehicle named Tumakuru Machine Tool Park (TMTP) to develop the new industrial cluster. It has 158 ready-to-build industrial plots of various dimensions. The park is fully developed with proper layout, concrete roads, footpath, drainage, electricity, water linkage and even bus shelters. The manufacturing sector`s contribution will be around $1 trillion in India`s ambition of achieving a $5 trillion economy by 2025. Within this, the role of machine tools is vital. The machine tool park was conceived about eight years ago and with the support of the department of heavy industries of the government of India and Karnataka government. Now, the park has become a reality and is set to play an important role in consolidating Karnataka`s numero uno position in the manufacture of machine tools. Karnataka accounts for 52% of India`s total share in machine tool production and 62% of machine tool exports. The machine tool industry is estimated to have dropped by 30% to touch 882 million dollars in 2019-20 and is set to bounce back in FY21. The Tumakuru Machine Tool Park is developed at a cost of 68.9 million dollars, of which 16.9 million dollars each is the equity contribution of Karnataka and Indian governments.
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