India’s manufacturing PMI for March was 55.4 as the sector continues to hold its own. A new wave of the pandemic is of major concern as the numbers surge across the country of almost 1.4 billion people. As a result, several state governments have reimposed partial lockdowns, with stricter measures anticipated to be implemented soon. Due to health concerns, IMTEX 2021 has been pushed back to next January. There is, however, positive news in the electric vehicle realm. For more details and other industry tidbits, read on.
The manufacturing PMI for March was 55.4 versus 57.5 in February. The service PMI was 54.6 versus 55.30 in February. Although there was a month-to-month decline, both numbers continue to indicate strong economic activity.
Due to health concerns, the Indian Machine Tool Manufacturers’ Association (IMTMA) postponed IMTEX 2021, which is focused on metal cutting, from June 2021 to next January 2022. For the first time, it will be held in conjunction with the IMTEX metal-forming show. The combined show will take place Jan. 20-25, 2022, in Bangalore. AMT will continue to host a pavilion for members interested in exhibiting.
In 2020, the wholesale auto industry saw a decline in vehicle sales from manufacturers to their dealers. Sales ended the year at 18.6 million, down from 21.5 million in 2019.
Mahindra Electric, part of the multi-billion-dollar Mahindra Group, will invest around $450 million over the next three years to enhance their electric vehicle (EV) production capabilities. The company presently produces several four-wheel and three-wheel EV models.
Hero Electric, India’s first and largest producer of electric two-wheelers, will invest $100 million to increase their manufacturing plant capacity in Ludhiana, Punjab.
The government has approved $1 billion worth of Production Linked Incentive (PLI) schemes for the air conditioner and LED lighting segments.