The Indian Foundry Industry producing more than 10 million tonnes of castings annually and ranked 2nd in the world is currently on a growth path. However, despite having excess installed capacity, projections call for doubling the same in the next 10 years. Key reasons for this are, GDP is currently at inflection point where growth takes off; large market size; increasing infrastructure needs; opening up of indigenous defense procurement; facilitative Government and entrepreneurial ecosystem.In comparison to world average growth rate of 0.4%, the Indian metal-casting industry grew by 7.5% in 2015, according to World Casting Census produced by Modern Castings, USA. The Indian Foundry Industry is ranked the second largest in the world in terms of castings production after China and USA and produces estimated 10.77 Million MT of various grades of ferrous and non-ferrous Castings as per international standards. Total sales approx. USD 19 Billion per annum of which export is approx. USD 2.5 billion.With increasing demand from automotives, railways, pumps, textile machinery and others, the industry has the potential to at least double its tonnage of production by 2025.The Indian foundry industry is the mother of manufacturing and engineering sector and is labour intensive directly employing about 5,00,000 people and indirectly about 1,50,000 people. About 90% of the units are in the MSME sector.
The foundry industry in West Bengal currently has a turnover of 500 crores approx. With the state Govt. treating Foundry as a priority sector the turnover is expected to grow exponentially and touch the 2500 crores mark by 2020. Foundry Parks at Ranihati, Howrah and at Asansol to help accelerate this growth.
Recently, Mr Anil Vaswani President (The institute of Indian Foundry men ), Mr Ravi Sehgal Chairman ( 65th institute of Indian Foundry Congress Organizing Committee),Mr Chandra Shekhar Jalan Co Chairman ( 65th Institute of Indian Foundry Congress Organizing Committee) addressed media regarding the 65TH INDIAN FOUNDRY CONGRESS & IFEX which is going to be held at the ECO PARK, KOLKATA, between FEB 3-5, 2017.
HIGHLIGHTS OF 65TH INDIAN FOUNDRY CONGRESS & IFEX 2017
A glittering opening ceremony consisting of who’s who of the Foundry Industry which is likely to include His Excellency the Governor of West Bengal, Govt. Ministers from Cental and State Governments and Senior Bureaucrats shall mark the inauguration of Indian Foundry Congress and International Foundry Exhibition on the Opening day. The Office of Hon’ble Chief Minister, Govt. of West Bengal has also evinced interest in participation by Hon’ble Chief Minister & Finance Minister at the programme.