What is the current market scenario for the Indian die and mould industry?
Tooling industry plays a critical role in the manufacturing value chain by providing dies and moulds needed for mass production of various parts and thereby forms the backbone of industrial growth. As per the latest Indian Tooling Report compiled by TAGMA India and Nomura Research Institute, market size of Indian tooling industry stands at ~INR 18,000 cr, with more than half of the total demand attributed to automotive and auto components sector. Most major global auto manufacturing hubs have a strong domestic tooling industry with India being a notable exception, where a significant portion of tool demand is still met via imports.
What are the future prospects for the Indian tooling industry?
With the increase in variety of products and shortening product lifecycles world wide,the demand for tooling is expected to grow significantly in future. Countries with superior capabilities and capacities for tooling will be at an advantage. Hence, it is important to facilitate the growth of Indian tool makers and enable access to new international customers. Tooling localisation would also result in many economic benefits, such as employment generation, development of indigenous machine makers, better R&D landscape and more efficient supply chains. Therefore, the time is right to tackle all the hurdles and let the Indian tool makers grow.
What challenges are the die and mould companies facing today, and how does TAGMA help these companies resolve these challenges?
Some of the major obstacles obstructing the growth of Indian tool rooms are easy access to finance, duty-free moulds import from certain countries, high import duties on some of the machines and tool steels, lack of skilled workforce and outsourcing ecosystem. If you see, most of these challenges are related to policies. As mentioned before, TAGMA acts as a voice for the Indian tooling fraternity. We closely work with policy makers and share our challenges demanding better and friendly framework. We are among the best when it comes to making tools, but we need some policy support from government to grab the bigger opportunities and reduce imports.
Please tell us about the Die Mould India show and what new can we expect from this edition?
Die Mould India (DMI) is the only exhibition in India that is dedicated to tool and die makers. Over the years, with its niche focus, the event has grown to become a truly global event with participation from around the world. At the 12th edition, we are going to witness biggest ever DMI in terms of participation. Since the event is going to take place after a gap of 4 years, I see a genuine interest among the exhibitors and potential delegates. In this edition, we are going to witness some of the latest technologies in the field of machine tools, cutting tools, injection moulding machines, Industry 4.0 solutions, latest software and tool steels.