India becomes second largest casting producer, says IIF

India has overtaken the United States to emerge as the second largest producers of casting, behind China from last year, a top functionary of the Indian Institute of Foundrymen (IIF), said here today.

The production in the country stood at 11 Million tonnes, valued at 19 Billion U.S Dollars in 2017, behind China, which produce 40 million tonnes, IIF president Amish Panchal told reporters here.

Registering a growth of four to five per cent, exports recorded 2.7 billion dollars, he said.

Stating that the foundry sector needs to grow at least three-fold in the next 10 years, he said the industry employs about 2.5 million people.

There was scope for employing an additional 2.5 million people if the industry grows at a rapid rate in the next three to four years, Panchal said.

He said aluminium castings contributed 15 per cent of the total casting production and added that the segment was likely to grow further as automobile manufacturers were focusing on reducing weight of the vehicles, including engines and doors.

South India, particularly Tamil Nadu and Karnataka, contribute 50 per cent of total production of castings in India, he said.

Panchal, here to participate in the 11th Foundry CEO meet, said though GST has no major impact on the foundry sector, many manufacturers were yet to get refund of IGST, due to which there was a shortage of working capital.

The Institute has taken the initiative of constructing a test road in rural areas in Rajasthan by utilising waste foundry sand. After trials for two rainy seasons, the project could be extended to other parts depending on the success, Panchal said.