A highly ambitious Memorandum of Understanding (MoU) was exchanged between IIT (BHU) Varanasi and the Ministry of Heavy Industries (MHI) on December 30, 2022 (Friday) in Udyog Bhawan, New Delhi for setting up a “Centre of Excellence (CoE) on Machine Tools Design” at IIT (BHU) with HMT Machine Tools Limited under MHI scheme for Enhancement of Competitiveness in Indian Capital Goods Sector Phase II. A budget of 45 Crore has been sanctioned for the establishment of a vibrant and world-class Centre of Excellence on Machine Tools Design with cutting-edge experimental and testing facilities to carry out R&D activities related to national/ overseas machine tools industries. The proposed CoE is an important step in Make in India design and development with a higher degree of reliability and efficiency for growth in the Capital Goods Sector to make India 'AatmaNirbhar' or Self-reliant, discontinuing foreign procurement and encouraging domestic sourcing. Besides providing tangible outcomes such as Make in India Technology Development, Technology Transfer, a cutting-edge Research Facility for Machine Tools Design, a contemporary Computation Facility for Simulation and Analysis, a state-of-art Non-Invasive Measurement Facility, Incubation and Start-ups, Skill Development and Technical Education, and Employment Generation, this CoE will undoubtedly help bridge the technical gaps while improving the technological insight of young technocrats involved with the machine tools business, vendors, and customers. Furthermore, it will help to stay abreast of the changing landscapes of the capital goods industries and take a step towards contributing to the GOI's novel vision of making our nation a global manufacturing powerhouse.