Indian pumpset manufacturers, who have huge opportunities in the export market, need government support to expand their business overseas, said Mithun Ramdass, president of the Southern India Engineering Manufacturers Association (SIEMA).
The size of the global pumpset market was almost $90 billion and India had just 1% to 1.5% share. China had almost 50% share. Even if the Indian manufacturers were able to get 3% share of the international market, their businesses would see significant growth. However, the industry required the support of the government, especially for research and development, he said.
The Scientific and Industrial Testing and Research Centre (Si’Tarc) developed smart pumps and was now developing slurry pumps. The government should extend incentives so that the industry had access to raw materials and technology to meet the international standards. When buyers were looking at China plus one suppliers, the Indian companies should tap the opportunity. Several manufacturers in Gujarat were exporting now and Coimbatore pumpset manufacturers should also be encouraged to get export, he said.
K.V. Karthik, president of the Indian Pump Manufacturers Association, said the exports were doing good now, especially to African and west Asian countries. The demand picked up especially after the COVID.
