Cutting tool industry to bolster growth

By admin August 12, 2013 11:55 am IST

Despite economic downturn, the demand for cutting tools in India is expected to bolster growth because of increased investment in infrastructure development
The cutting tools industry in India dates back to the World War II. A few British-owned general engineering companies, due to non-availability of imported tools, started manufacturing tools in India. With the start of industrialisation in a series of Five-Year Plans, India stands as one of the 20 largest producers of cutting tools in the world.
New millennium, new beginningSince the beginning of new millennium, the Indian cutting tools sector has had a stagnant growth as investment in the manufacturing sector slowed down considerably. In early 2002, when global majors started to outsource manufacturing to India, Indian manufacturing sector witnessed a spurt in demand for cutting tools.
Growth despite economic downturnNew analysis from Frost & Sullivan’s Global Machine Tools and Cutting Tools Market finds that the increased investment in infrastructure development in India is expected to bolster growth. According to the report, the demand for cutting tools is expected to grow in emerging economies such as China, India, Brazil and Russia, despite the economic downturn.

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