April 6, 2018
COIMBATORE: India has overtaken United States to emerge as the second largest producers of casting, behind China from last year, a top functionary of Indian Institute of Foundrymen (IIF), said on Friday.
The productions of the country stood at 11 million tonnes valued at $19bn in 2017, behind China, which produce 40 million tonnes, IIF President Amish Panchal told reporters here.
“Registering a growth of four to five per cent, exports from the country recorded at $2.7bn,” he said.
“The foundry sector will need to grow at least three-folds in the next 10 years and the industry employs about 2.5 million people and there is a scope of employing
additional 2.5 million people if the industry grows at a rapid rate in the next three to four years,” he said.
Stating that the aluminium castings contributed 15 per cent of the total casting production, Panchal said the segment was likely to grow further as the automobile manufacturers were focusing on reducing the weight of the vehicle, including engine and doors.
South India, particularly Tamil Nadu and Karnataka contribute 50 per cent of the total production of castings in India, he said. Panchal, here to participate in the 11th Foundry CEO meet, said that though GST has no major impact on the foundry sector, many manufacturers were yet to get refund of IGST, due to which there was a shortage of the working capital.
“The Institute has taken initiative of construction of test road in rural areas in Rajasthan by utilising the waste foundry sand and after trials for two rainy seasons, the project could be extended to other parts depending on the success,” Panchal said.