Union Minister for Heavy Industries and Steel HD Kumaraswamy unveiled the National Capital Goods Policy 2025 during the IMTEX 2025 inauguration in Bengaluru.
The policy aims to strategically position India as a global leader in manufacturing, with a comprehensive framework designed to foster innovation, reduce import dependencies, and enhance industrial competitiveness.
Karnataka’s Large and Medium Industries Minister MB Patil provided a compelling outlook for the machine tool industry, projecting revenues to reach USD 3.8 billion by 2030.
Currently ranking 9th globally in production and 7th in consumption, the sector generated over USD 2.2 billion in revenue in 2022. Notably, Karnataka emerges as a critical hub, accounting for 52 per cent of India’s total machine tool production and hosting major industry players like ABB, Siemens, BHEL, and Larsen & Toubro.
Despite optimistic projections, the industry confronts significant challenges, particularly in technological self-sufficiency. In fiscal year 2023-24, machine tool imports surged to over Rs 40,000 crore, up from Rs 35,460 crore in the previous year.
A recent Micro, Small and Medium Enterprises (MSME) Ministry report highlights structural impediments, including insufficient infrastructure, skilled workforce shortages, and limited investment from larger enterprises.
To address these challenges, the government has implemented strategic interventions, such as the scheme for enhancement of competitiveness in the Indian capital goods sector.
Launched in 2022, this initiative focuses on technology upgradation, skill development, and infrastructure enhancement, signaling a comprehensive approach to transforming the nation’s manufacturing capabilities.
The National Capital Goods Policy 2025 represents a pivotal moment for India’s industrial strategy, balancing ambitious growth targets with pragmatic measures to overcome existing technological and infrastructural limitations.
As the nation continues to position itself in the global manufacturing arena, collaborative efforts between government, industry, and educational institutions will be crucial in realising these transformative objectives.