Indian Pumpset Industry Seeks Government Support For R&D To Tap USD 90 Billion Global Market

(MENAFN- KNN India) New Delhi, Dec 9 (KNN) Indian pumpset manufacturers, poised to capitalise on burgeoning export opportunities, are calling for increased government support to expand their presence in the global market.

Speaking at a recent event, Mithun Ramdass, President of the Southern India Engineering Manufacturers Association (SIEMA), highlighted the vast potential for growth, noting that the global pumpset market is valued at nearly USD 90 billion, with India's share currently languishing at 1 per cent to 1.5 per cent compared to China's commanding 50 per cent share.

Ramdass emphasised that even a modest increase to a 3 per cent market share could significantly boost the industry. However, achieving this would require robust government backing, particularly in research and development (R&D).

He praised the efforts of the Scientific and Industrial Testing and Research Centre (Si'Tarc), which has developed innovative products like smart pumps and is working on slurry pumps to cater to diverse needs.

To remain competitive, Ramdass urged the government to provide incentives ensuring access to raw materials and cutting-edge technology, enabling manufacturers to meet stringent international standards.

He also pointed out the growing trend among global buyers seeking alternatives to China, known as the China Plus One strategy, and stressed the importance of Indian companies capitalising on this shift.

While Gujarat-based manufacturers have already begun making inroads into export markets, Ramdass called for stronger support to encourage Coimbatore's pumpset manufacturers, a hub of engineering excellence, to enter the international arena.

K.V. Karthik, President of the Indian Pump Manufacturers Association, shared a positive outlook on exports, particularly to Africa and West Asia, where demand has risen sharply post-COVID-19.

He noted that Indian exports have shown significant promise and could scale further with targeted policy interventions.

As the world looks for diversified supply chains, India stands at a critical juncture. With appropriate governmental support, the Indian pumpset industry could transform into a global player, contributing to the country's export growth and economic resilience.

(KNN Bureau)

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