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Karnataka
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Bangalore
India, a major market for machine tools
Staff Reporter
BANGALORE: Machine tool industry leaders have recognised India as the fastest booming automotive market in the world, and Germany, with a share of 23 per cent of the market, was the largest supplier of machine tools to India during 2006.
Carl Martin Welcker, Chairman of VDW, a German machine tools company, told presspersons here on Thursday that Germany, along with Japan, was the leading supplier to the Indian market. Germany’s exports to India had been growing at around 22 per cent since 2002, and that had gone up to 23 per cent in the first half of 2007.
Germany, in turn, over the past four years, has imported machine tools from India, the value ranging from €2.52 million to €5.82 million, at a growth rate of 8 per cent. India’s imports from Germany in 2006 totalled €193.7 million, Mr. Welcker said.
India’s growing imports in the sector from Germany was important enough to warrant the symposium on “Machine tools and manufacturing systems from Germany” being held in Bangalore on Thursday, Mr. Welcker said.
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