Recession may also hit Imtex

NEW DELHI, FEB 21: The ongoing recession in the capital goods industry is likely to cast its shadow over business generation at the 10th Indian Machine Tool Exhibition (Imtex ’98), scheduled to start here from Tuesday.

During Imtex ’95, contracts worth Rs 100 crore were signed, but Imtex ’98 is unlikely to cross that figure. According to Shailesh Sheth, past president of Indian Machine Tools Manufacturers’ Association (IMTMA), business generation this year is not likely to cross that figure due to the recession. It will be between Rs 80 to Rs 100 crore, Sheth said.

But at the same time, Sheth is very hopeful of export contracts witnessing a quantum jump from 1995’s modest Rs 1 crore figure. “Foreign firms have realised the inherent advantages and reliability factor of Indian machine tools industry vis-a-vis our competitors, which is going to result in far better export enquiries,” Sheth said.