HMT Watches: From Nation's Heartbeat to Fading Memory - What Went Wrong?

• HMT watches, once a symbol of status and an integral part of Indian households from the 1960s to 1990s, were known as the 'Nation's Timekeeper'.
• Founded in 1953 as Hindustan Machine Tools, the company entered watch manufacturing in 1961 through a collaboration with Japan's Citizen, establishing India's first watch factory in Bengaluru.
• HMT failed to adapt to the global shift towards more accurate and cheaper Quartz technology in the late 1980s, maintaining focus on mechanical watches.
• The entry of Titan in 1987, which focused on fashion, marketing, and Quartz technology, coupled with HMT's PSU-related red tape and overconfidence, led to its decline.
• Facing mounting losses and outdated designs, the HMT Watch Division and HMT Chinar Watches were shut down by the Indian government in 2016, though limited production resumed in 2019 for enthusiasts.

Why It Matters: HMT's downfall highlights the critical need for innovation and adapting to changing consumer preferences.