A boom in the foundry sector similar to the IT boom of the past decade is expected in the country, Volvo India Managing Director Kamal Bali said today.
Addressing the 8th edition of National Foundry Conclave held here, he stressed on the need for pragmatic policy and strategic decision making by the government for the development of foundry industry.
With government targeting 25 per cent contribution by the manufacturing sector to the GDP from the current 15 per cent, promising 25 industry segments should be identified in order to ensure success in the long run, he said.
Inaugurating the conclave, with the theme "Structure for Excellence", Toyota Kirloskar Motor Pvt Ltd Vice-Chairman and Wholetime Director Shekar Viswanathan said about 60 per cent of Indian foundries were dependant exclusively on the automotive industry.
With the introduction of Global NCAP and Indian NCAP safety standard regulations, the automotive industry and the dependant industries including foundry industry have to gear themselves to excel in the global market.
"Toyota is expected to transition all its future model of cars to Electric and Hybrid vehicles in line with the global trend," he said.
With respect to oil and gas sector, he said government should bring in policies for importing fuel that was compliant to Euro 6 ratings, to be implemented in the country by 2020 to tackle pollution.
IIF President Anil Vaswani said disruption in automotive sector would certainly result in vanishing existing processes in the foundries but will create new efficient processes with sustainability at its core.
With respect to GST implementation, he said the industry was looking forward to a major revamp in the conduct of its financial transactions.
It had to necessarily adapt to this "game changing policy initiative" and the institute was conducting a nationwide study on the "Effect of GST in the Foundry sector" which will be released shortly, he added.
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