Foundry industry hopes for Technology Development Fund for MSMEs

Chennai, May 21 (IANS) Urging the central government to set up a Technology Development Fund (TDF) for micro, small and medium enterprises (MSMEs) in the foundry sector, the Insitute of Indian Foundrymen (IIF) is set to train workers in basic skill sets, said a senior official.

“The setting up of TDF by the central government for MSMEs to upgrade their technology and equipment will be of great help. The potential for the castings is huge within and outside India,” Sanjay Shroff, honorary national secretary of the IFF told reporters here on Saturday.

The Indian foundry industry consists of around 4,600 units and produces 10.02 million tonnes per annum.

The industry exports around $2.7 billion worth of castings per year and an additional $2.5 billion in finished components, V.Narasimhan, executive director, Brakes India Private Ltd said.

The industry expects the exports to grow to $12-15 billion over the next 10 years.

“With the government’s focus on Make-in-India, the foundry industry has to grow three times to 30 million ton per annum in next 10 years time. The industry would need an investment of around $8-10 billion in next 10 years,” Narasimhan said.

According to Shroff, training of the workers assumes importance and the IIF will soon start its programme.

“We have designed training modules and a foundry unit can decide the kind of module that its workers need to undergo. Major portion of the training cost will be subsidised by the IIF,” Shroff said.

He said the modules are available in six language regional languages-Tamil, Kannada, Marathi, Gujarathi, Bengali and Hindi. Already four foundry units have agreed to get their workers trained.

“In the first year we will train around 1,000 workers and take the number to 5,000 and increase that number in the following years,” Shroff said.

–IANS

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