Karnataka to set up Machine Tool Park in Tumkur
The Karnataka Government will set up the country’s first Integrated Machine Tool Industry Park in Tumkur district at a cost of Rs 447 crore. The project at Hosa Narsapur, a joint venture between the Central and State governments, will come up on 500 acres with a Central grant of Rs 125 crore.
The park will be a cluster of machine tool builders, makers of accessories, components and foundry, among others, and will help small and medium-scale enterprises to expand their manufacturing capacities. Once functional, it is expected to boost the domestic turnover of machine tools, reduce imports, save foreign exchange and create over 4000 jobs in manufacturing and administrative fields.
After inaugurating the IMTEX 2017, the Karnataka Chief Minister, Siddaramaiah, said, “It is well known that machine tools are the backbone of manufacturing and a strong machine tool industry propels strong manufacturing which in turn spurs the economy. Karnataka was the cradle of the machine tool industry which has now grown to produce over 50% of India’s machine tools. Keeping this in view the government, along with the industry, has charted out a plan for developing a machine tool park in the State.” According to the President of IMTMA (Indian machine Tool Manufacturers’ Association), P G Jadeja, “The industry’s long- cherished desire of setting up an integrated machine tool industrial park for development of the manufacturing technology in India is now becoming a reality with the Government of Karnataka giving a Cabinet nod towards this. We are extremely happy with this decision.”
“This initiative will help the development of supply chain by attracting investments in machine tool and mainly ancillary industries which in turn will help the overall development of MSMEs and large OEMs in the sector,” he said.