Tick tock tick tock.... The watch which was the heart and soul of millions of Indians have stopped ticking now. Due to the loss incurred by the watch manufacturing giant, HMT (Hindustan Machine Tools), the government has decided to stop the production of watches. Last year the revenue was approx 11 crores and the loss incurred was approx INR 242 Crores. Measures were taken by the government like the reconstruction, capital infusion, restructuring of the company have not worked. The UPA (United Progressive Alliance) led by the congress proposed some revival plans and it did not work out. The NDA (National Democratic Alliance) led by the BJP came to power and decided to unwind the HMT watches.
The HMT (Hindustan Machine Tools) watch got an iconic status in the nation for more than five decades. It was worn by people ranging from farmers to the greatest leaders of the country. The public sector of HMT started its operations in the year 1961 and began to revolutionize the watch industry with indigenous manufactured mechanical watches. This was one of the post independence industrialization projects started by India. The watches were beautiful and popular for many years. Exciting models came into the pictures like Swagath, Lalith, Janata, Vijay and Sarita and these models ticked well with the middle class. Many people considered wearing HMT watch as a status symbol and symbol of patriotism. However the growth and development of HMT was hampered due to the rise of foreign watch manufacturers like Omega, Casio, Titan and others. HMT found themselves in the troubled waters and could not adopt to the changes in the marketing and management practices of the new environment. Many people in India will Miss HMT watches and the people who already have HMT watches will keep it as a relic from the past.
Posted 3 years ago by BINESH NAIR
Posted 3 years ago by CA Pulkit Sharma
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