Issue HighLights:
The war in Ukraine will have a significant impact on mechanical and plant engineering. According to the latest VDMA flash survey, 85% of companies see the war as a serious or noticeable risk to their business. The VDMA is, therefore, lowering its production forecast for 2022 to plus 4% in real terms. In “Country Focus: Germany” section, IPF highlighted the impact of recent market developments on the German industry along with analysis of the performance of German machine tools industry, which has been experiencing a strong upswing in 2022. A slew of policy measures - PLI schemes (for auto OEM & auto component), extension FAME 2, etc - in the recent past will create more opportunities in electric vehicle space. Indian auto component sector is expected to witness investment of Rs 29,834 crore from the 75 approved applicants under the PLI Scheme - called as Component Champion Incentive Scheme. “Auto Component” section focused on how auto component players are gearing up for a new paradigm in the market with demand for electric vehicles picking up. In “Plus” section, an article highlight the effect on rising commodity prices on motors & drives industry.
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