Mumbai, March 14 (IANS) The Indian foundry industry, the third largest in the world, expects to create 2.50 million job in the next four years, said an industry official here on Wednesday.
According to Indian Foundry Organisation (IFO) President H. Sundara Murthy, the foundry industry is anticipating an investment of $3 billion, while the National Steel Policy envisages steel production to touch 110 million tonnes by 2019-2020.
“India’s export market share can rise from 2-3 percent now, to about 6-7 percent, which will enhance foreign exchange earnings. The industry’s employment rate is around 2.5 million and if the industry grows at a rapid rate in the next three-four years, there is scope for employing 2.50 million people more,” he said.
Speaking at the inauguration of the 1st International Metal and Foundry Expo as part of the ‘Make In India’ initiative in Bombay Exhibition Centre here, he noted that India presently manufactures castings of around 10 million tonnes annually, but it can jump to double drive by domestic demands with emphasis given on railways, defence and infrastructure sectors.
The three-day expo-cum-conference will provide business opportunities for manufacturers of foundry, metal, metallurgy, steel and allied industries to showcase their technologies, new initiatives, products and services before a global audience.
Some of the top government departments and others participating in the expo include Indian Space Research Organisation, Heavy Engineering Corporation Ltd, Mecon, MSME Tool Room, the Construction Industry Development Council, Afeco, Aimil, Altair Engineering, Bla Coke, CU-Built, Eirich, Faro, GNR, among many others.