Last unit of HMT closed
posted on May 2, 2016 @ 1:18PM
Many of us might not be aware of the name ‘Hindustan Machine Tools Watches Ltd.’ But we should have heard the name HMT watch. Once thought to be a best example for public enterprise, HMT is now a fading symbol of bureaucratic failure. The watches manufactured by HMT were once branded as the time keepers of the country. As the globalization has began sweeping changes in consumerism, HMT was unable to drive the tide.
Many HMT units across the country were shut down by 2014 resulting from a government order. The last unit in Tumakuru of Karnataka was shut down yesterday sealing the fate of the company. Though the government of India boasts of Make in India policy, no steps were taken either to revive or rejuvenate the legacy of HMT. With the latest closure, more than 300 employees working in the Tumakuru unit were forced to leave the company on VRS. Many of them were in their 50’s and may not be able to find a similar job.That's certainly not in the spirit of Make In India!