Will The Vintage HMT Watch Rule The Indian Market Again ?
Union Minister HD Kumaraswamy bats for revival of yesteryears' superstar PSU - Hindustan Machine Tools
Once upon a time in India – a car meant an Ambassador or a Fiat, a scooter meant Lambretta or Bajaj and a wrist watch meant HMT….
Union Steel & Heavy Industries Minister HD Kumaraswamy has expressed his support for the revival of HMT (Hindustan Machine Tools), a Public Sector Undertaking, in alignment with Prime Minister Narendra Modi’s Atmanirbhar Bharat (Self-Reliant India) initiative. Kumaraswamy believes that reviving HMT can contribute significantly to India’s self-reliance goals by bolstering domestic manufacturing capabilities.
Key Points:
- Support for HMT Revival: Kumaraswamy sees the revival of HMT as a crucial step towards strengthening India’s manufacturing sector.
- Alignment with Atmanirbhar Bharat: The Atmanirbhar Bharat initiative aims to make India self-reliant by boosting local industries and reducing dependency on imports.
- Historical Significance: HMT has a rich history in India’s industrial development, once known as the “Timekeepers to the Nation” for its iconic watches and machinery.
- Potential Benefits: Reviving HMT can create jobs, support small and medium enterprises (SMEs) in the supply chain, and enhance technological advancements in manufacturing.
Context:
- Atmanirbhar Bharat Initiative: Launched by PM Modi, this initiative focuses on five pillars—economy, infrastructure, system, demography, and demand—to make India a global manufacturing hub.
- HMT’s Legacy: Established in 1953, HMT played a pivotal role in India’s industrialization but faced decline due to various challenges, including financial losses and competition.
Challenges and Steps Forward:
- Financial Viability: Ensuring the financial health of HMT will be critical, possibly requiring government support and strategic partnerships.
- Modernization: Upgrading technology and improving efficiency will be essential to compete in the modern market.
- Market Relevance: Diversifying product offerings and focusing on sectors with high growth potential can help HMT regain its market relevance.
The revival of HMT could symbolize a significant step towards achieving the broader goals of the Atmanirbhar Bharat initiative, contributing to a robust and self-sufficient industrial ecosystem in India.
