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IN - Recession hits foundry industry; exports down 50%

The ongoing global recession has hit the foundry industry hard as exports have dropped by 50 per cent. “Foundry industry has been affected by the recent global recession. Exports have dropped by 50 per cent (in weightage terms), this December-January period compared to the same period last year,'' said Mr R P Sehgal, President, Institute of Indian Foundrymen (IIF).

“The slowdown has led to the shut down of almost 25 per cent of the foundry units in Bengal and about 10 per cent nationally,'' he said, adding, the departure of Tata Motor's small car project from West Bengal has had huge effect on the foundry industry. The demand for pumps and other agricultural equipment has also affected. However, the recession did not have any major blow to the Howrah Foundry Park.  In the past two years, India has defeated Germany to become the fourth largest producer in the world after China, USA and Russia. With the production capacity of 7.7 million tonnes, it targets to become third in the next couple of years. - PTI

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