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…