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India - Foundry industry looks to double turnover in 3 yrs

Issued at 2017-02-06



Kolkata, Feb 5 (PTI) The Indian foundry industry is expecting to double the revenue over the next 2-3 years with immense opportunities given in the Budget, an industry member said.

However, cost push and uncertainty over the policies in the US for foundry and casting imports remain a matter of concern.

“…Indian foundry industry is expected to double its revenue over the next 2-3 years with the huge opportunity which will be unlocked due to big push in railway infrastructure in the budget, defence and revival of automotive sector,” Institute of Indian Foundrymen (IIF) President Anil Waswani told PTI.

Curently, the annual revenue of Indian foundry industry stands at USD 18 Billion of which USD 2.7 billion comes from exports.

The Budget, however, did not provide some relief from import duty burden on met coke and metal scrap, he said.

Moreover, we are keeping our fingers crossed on unfolding of the US policies about their long import of foundry and casting from India when we are hearing about ‘Make in USA’, Waswani said.

The Indian Foundry Industry had been growing steadily in the last few years and became the 3rd largest caster in the world. It employs two million people directly and indirectly.

Demonetisation has impacted the foundry industry for sourcing domestic metal scrap, he said.

“Normally, pig iron which is also used by our industry as raw material is costlier than metal scrap but due to demonetisation, price surpassed pig-iron price due to short supply of scrap,” he added.


Source: india.com



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