With manufacturing gradually picking up and several emerging sectors opening up new opportunities, the more than $18 billion Indian foundry or casting industry is looking to double growth rates.
The sector, which has been reporting a growth of 5-7 % in the last few years, is expected to clock 13-14% growth in the next couple of years, said top industry officials.
India is the world’s third-largest casting producer after China and the U.S. While China accounts for 40% of the world’s 105 million tonnes casting production, the U.S. and India each do between 11 and 12 million tonnes per year.
“Pan India, the targeted growth rate is 13% to 14% as compared with about 5% to 7% currently. This is due to Make in India and other efforts made by the government to rejuvenate the economy,” said Ravi Sehgal, an industry veteran who recently organised the 65th edition of the Foundry Congress.
Read more: Casting a hopeful eye to the future
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