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Slowdown hits foundry units, exports fall 50%

The economic meltdown has hit the foundry industry hard with around 150 units shutting shop, resulting in job losses of 1.5 lakh. R P Sehgal, president, The Indian Institute of Foundrymen, said that the problem in West Bengal was even more acute as most of them were from the SME segment. Around 60 units have closed down in the state while job losses were 40,000-50,000. On an all-India basis, closure of units were 150 of a total of 3,000. Sehgal pointed that the ones, which were functional had cut production by 40 per cent. However, things were likely to improve in the coming months. By ...