The ongoing recession has had a severe adverse effect on the annual growth of the industrial sector. The machine tool industry has already witnessed a significant decline in its business volumes this year.
As the machine tools industry is largely linked to the auto sector, the demand for machine tools depends on the orders placed by commercial vehicle manufacturers. Consequently, the slump in the auto industry has resulted in a severe blow to the business of small scale machine tools manufacturing units.
Some suppliers of machine tools have reported around 50% fall in their revenue growth over the last year.
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