Indian pump industry to capture more markets
Tuesday, 07 November 2006, 20:30 IST
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New Delhi: Indian pumps, catering to a range of sectors from agriculture to nuclear power generation, are expected to capture a bigger slice of the world market. With exports already reaching around 70 countries, the Indian pump industry is poised to register a faster growth rate than the global average, says an industry study. "The Indian pump industry is set to grow at 6-7 percent over the next three years (against the 4 percent of the world pump market)," Y.I. Buch, president of the Indian Pump Manufacturers Association, said in a study released Tuesday. The industry, now holding euro 500 million worth of global market share, "is expected to grow at a rate faster than the world pump market growth, capturing a larger share of the market," states the study released by the Confederation of Indian Industry (CII). According to industry estimates, India produces around one million pumps of various kinds. There are around 800 large, medium and small units producing the pumps for sectors from agriculture to nuclear power generation. "Indian pump manufacturers are able to meet most of the domestic market demand," said Sarita Nagpal, head of manufacturing services of CII, which works closely with the Indian Pump Manufacturers Association. Exports have registered a 11 percent growth in the last two years after reversing a negative 11.5 percent trend in 2002-03 to clock 45 percent growth in 2003-04. "India has today become a reliable, technically competent, competitive and enterprising outsourcing option for many multinational companies in industrial pumps and systems," said Buch. The growth story has emerged through technical collaborations and joint ventures that Indian companies have had with multinational majors. "Technical know-how of global standard has thus been well absorbed," Buch said. In addition, various research institutes such as the Small Industries Testing and Research Centre (Si'Tarc) in Coimbatore, have developed energy-efficient designs for pumps to meet the norms of Indian standards. "The Indian pump industry has an outstanding record of indigenous research and development in all three areas of technological intensities - from mass-produced pumps for agriculture to gigantic pumps for interlinking rivers, and pumps for critical services such as nuclear power generation," said Nagpal. The Bureau of Indian Standards has developed 42 specifications for indigenous pumps. "No other country has set specific norms for minimum efficiency," said Nagpal.
Source: IANS
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