India’s foundry industry has potential to increase exports, employment: IFO

Mumbai, Mar 15 (KNN) The export market share of India’s foundry industry can rise from existing 2%-3% up to 6%-7%, said Dr H Sundara Murthy, President, The Indian Foundry Organization (IFO).

The 1st International Metal and Foundry (IFMET) Expo is being held at Bombay Exhibition Centre, Goregaon (East), Mumbai as part of the ‘Make in India’ initiative and it shall be open till March 16th, 2018.

MSME Tool Room along with other government departments and industry leaders are participating in the Expo.
Currently, India is manufacturing castings of about 10 million tonnes a year but it can jump to 20 million tonnes, driven by domestic demand as lot of emphasis is being given on railways, defence and infrastructure sectors which are all going to consume castings”, said Dr Murthy.

He added that India’s export market share can rise from 2% - 3% now to about 6% -7% which will enhance foreign exchange earnings and generate employment.

He also mentioned that the industry employs about 2.5 million while there is scope of employing additional 2.5 million people, if the industry grows at a rapid rate in the next 3-4 years.

Indian Foundry Industry, the 3rd largest globally, expects an investment of USD 3 billion while the National Steel Policy has envisaged steel production to reach 110 million tons (mt) by 2019-20.

“The exhibition and conference will provide excellent business opportunities for the manufacturers of foundry, metal, metallurgy, steel and allied industries to showcase their technologies, new initiatives, products and services to the global audience,” said a release.