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Foundry industry upbeat on growth prospects post-GST

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Foundry industry upbeat on growth prospects post-GST

By admin On April 17, 2018 0 Comment

While most industry verticals maintained that GST implementation had slackened their growth in 2017-18, the foundry industry feels the tax rollout has had a positive impact on it. According to Amish Panchal, President, The Institute of Indian Foundrymen, “the industry’s growth was slightly higher at around 6 per cent than the global average of 4-5 per cent.”

“GST rollout has had a positive impact on the industry. Some level of streamlining has happened. The foundry industry encountered two major problems though — on account of inverted duty structure and the delay in getting the refund claims by the exporting units, impacting the working capital flow.”

The industry produced 11 million tonnes of castings in 2017 and the revenues touched a high of $19 billion, including exports worth $2.7 billion (castings alone).