Schedule a Call Back
Architects of India’s industrial revolution
Articles- Jan 02,25
Architects of India’s industrial revolution
Two remarkable leaders—one a bureaucrat-turned-politician and the other a global automotive industry legend—who left an indelible mark on India's industrialization journey, passed away in December 2024.
On December 26, 2024, former Prime Minister Dr Manmohan Singh, the architect of India’s economic liberalisation, passed away at the age of 92. The liberalization policy of 1991, introduced during his tenure as Finance Minister, marked a transformative shift in India’s economic landscape, fostering unprecedented industrial growth. Facing a severe economic crisis, Dr Singh spearheaded wide-ranging reforms to open up the economy.
The policy dismantled the License Raj, reducing bureaucratic hurdles and facilitating business operations. Foreign Direct Investment (FDI) was encouraged, attracting capital, technology, and expertise from multinational corporations. Trade tariffs and restrictions were lowered, boosting exports and integrating Indian industries into global markets. Key sectors like IT, pharmaceuticals, and automobile manufacturing thrived, leading to industrial diversification and job creation. These reforms propelled India into becoming one of the world’s fastest-growing economies, establishing a robust industrial base and laying the groundwork for sustained economic growth.
Coincidentally, the car Dr Manmohan Singh admired most—the Maruti 800—was the brainchild of Osamu Suzuki, the former Chairman of Suzuki Motor Corporation, who passed away on December 25, 2024. Osamu Suzuki, regarded as the architect of India's ? 470 billion car revolution, democratised mobility in the country. Under his leadership, Suzuki Motor Corporation partnered with the Indian government in 1982 to establish Maruti Suzuki India, transforming the automotive landscape. The launch of the iconic Maruti 800 in 1983 made car ownership accessible to millions of Indians, sparking a mobility revolution.
A visionary leader focused on efficiency and innovation, Suzuki turned Maruti Suzuki into India’s largest carmaker and positioned the country as a global automotive hub. His emphasis on local manufacturing nurtured India’s burgeoning auto components industry, creating a robust supply chain and generating employment for millions.
The automotive sector and the machine tool industry share a symbiotic relationship, where growth in one fuels demand in the other. Automobiles require high-quality, precision-engineered components, driving demand for advanced machine tools. This, in turn, fosters innovation and technological advancements in the machine tools sector, enabling it to meet the rigorous standards of global and domestic markets.
The localisation efforts in the auto components industry push machine tool manufacturers to innovate, offering cost-effective and high-performance solutions. This synergy has fostered the development of a robust ecosystem of small and medium enterprises (SMEs), contributing significantly to industrial growth. Furthermore, the industry’s focus on mass production, automation, and precision engineering accelerates advancements in CNC machines, robotics, and tool-making technologies. Beyond automotive, machine tools are pivotal in the development of other key industries such as railways, defense, electronics, and shipping. They enable precision machining, shaping, and fabrication of components critical to these sectors. A stronger machine tools sector can exponentially enhance India’s manufacturing capabilities on the global stage.
In this special edition of SME, we explore how the machine tools industry can revolutionise India’s manufacturing sector with cutting-edge innovations.
Mark your calendars for our upcoming events:
- 3rd Metro Rail Conference on January 22, 2025 in Mumbai
- AI-Powered Data Centre Conference on February 12, 2025 in Mumbai
- Cement Expo Forum on March 5-6, 2025 in Hyderabad
Additionally, SME will feature a special issue for Hannover Messe in April 2025, while our sister publications, Construction World and Equipment India, will publish a special issue for Bauma Munich, also in April 2025. To participate in these events or special editions, contact us at marketing@asappinfoglobal.com.
global automotive industry
Prime Minister Dr Manmohan Singh
India’s economic liberalisation
License Raj
Foreign Direct Investment
Osamu Suzuki
Maruti Suzuki India
Suzuki Motor Corporation
advanced machine tools
3rd Metro Rail Conference
AI-Powered Data Centre Conference
AI-Powered Data Centre Conference
Hannover Messe
Construction World and Equipment India
Related Stories
Electrical & Electronics
KEC delivers robust growth in profitability
Net debt including acceptances stand at Rs 55.74 billion as of Dec 31, 2024, a reduction of Rs 4.71 billion vis-à-vis Dec 31, 2023.
Read moreMachine Tools & Accessories
Seco’s new helical milling cutter delivers three times longer tool life
Seco LN4-11 Helical Milling Cutter provides shops several avenues to cut costs and improve profitability. Its adaptability to a variety of applications enables shops to reduce tooling inventories an..
Read moreAuto & Auto Components
Creatara Mobility Unveils E2W IN40 and VM4: Launched by Shri Nitin Gadkari
The top variant offers high-voltage 72V power, reaching speeds of up to 110 km/h with a range of 150 km on a single charge.
Read moreRelated Products
Tata Motors unveils facilities for development of Hydrogen propulsion tech
AUTO COMPONENTS & ACCESSORIES
Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more
Tata Motors plans petrol powertrain for Harrier and Safari SUVs
AUTO COMPONENTS & ACCESSORIES
Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more
Electric Vehicle Charger
AUTO COMPONENTS & ACCESSORIES
RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
