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Business EconomyPosted at: Jan 20 2019 1:37PM


Foundry industry to register double growth rate in 5 yrs: IIF prez

New Delhi, Jan 20 (UNI) Indian foundry industry is likely to double its growth rate in next five years after the opening of defence, railways, aerospace areas for private sector and relaxation in FDI norms by the government.
This was stated by Institute of Indian Foundrymen president Shashi Kumar Jain President during 67th India Foundry Congress at India Expo Mart.
He said the industry will generate additional employment avenues to three lakh families in next five years. It presently employs around five lakh people directly and two lakh indirectly.
He added that export of foundry industrial component which was on decline for past two years has registered an increase of 400 million dollars while import also increased marginally up to 190 million dollars in 2017-18.
The president said the industry registered 12.05 million tonnes industrial production in the year 2017-18 in comparison to 11.38 million tonnes in the year 2016-17 and registered a growth of around 6 per cent. It is likely to witness annual growth rate of 14 per cent in next five years.
India is the second largest producer of foundry industrial components after China by producing
annually 11.0 million tonnes castings valued at 19.0 billion dollars and exports castings worth 2.7 billion dollars. India’s share of export of castings, globally, is less than 2 per cent, which can substantially be increased to 8 billion dollars by improving productivity, value addition and focus on new markets.
UNI SW SY 1337
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