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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.
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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
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