By the Members, of the Members & for the Members
I am thrilled to share with you the remarkable growth trajectory that our nation is currently experiencing. According to the official data released by the National Statistical Office, India's GDP surged by an impressive 7.8 percent in the April-June quarter of the current fiscal year. This robust growth, following a commendable 6.1 percent in the previous quarter, speaks volumes about the resilience and potential of our economy.
The positive economic indicators are not limited to GDP alone. We have witnessed consistent news of strong Goods and Services Tax (GST) collections, credit growth, and a robust Purchasing Managers' Index (PMI). These factors are clear indicators of our nation's economic resurgence.Furthermore, India's long-term economic outlook is exceptionally promising, driven by several key growth factors. One of our most significant assets is our vast and burgeoning middle class, a vital force propelling consumer spending. The thriving domestic consumer market, coupled with our expansive industrial sector, has made India an increasingly attractive destination for multinational corporations across diverse sectors, including manufacturing, infrastructure, and services. The enthusiasm and optimism in the industry are palpable.
Over the past oneand-a-half years, we successfully organised three major events: the Die & Mould International Exhibition and two International Tooling Summits. The industry's response exceeded our expectations, underscoring the undeniable signs of growth.These factors create a fertile ground for the Indian tooling industry to thrive. We must seize the opportunities that lie before us. During the recently concluded International Tooling Summit, the theme was diversification. Many eminent speakers highlighted opportunities in their respective sectors and urged toolmakers to diversify accordingly. We must embrace these changes and adapt to the evolving demands of the market.
(Excerpt taken from Mr. D. M. Sheregar’s speech at the International Tooling Summit 2023)
Devaraya M Sheregar
President
TAGMA India
