Indian Foundry Industry to invest USD 3 billion announced at IFMET 2018
Mumbai, March 14, 2018: The 1st International Metal and Foundry (IFMET) Expo was today inaugurated as part of the ‘Make in India’ initiative being held at Bombay Exhibition Centre, Goregaon (East), Mumbai. The expo cum conference shall be open till March 16th, 2018.
Indian Foundry Industry, the 3rd largest globally, expects an investment of USD 3 billion while the National Steel Policy has envisaged steel production to reach 110 million tons (mt) by 2019-20.
The exhibition and conference will provide excellent business opportunities for the manufactures of Foundry, Metal, Metallurgy, Steel and allied industries to showcase their technologies, new initiatives, products and services to the global audience.
“Currently, India is manufacturing castings of about 10 million tonnes a year but it can jump to 20 million tonnes driven by domestic demand as lot of emphasis is being given on railways, defence and infrastructure sectors which are all going to consume castings”. According to Dr. H. Sundara Murthy President, The Indian Foundry organization(IFO) .
Even India’s export market share can rise from 2-3% now to about 6-7% which will enhance foreign exchange earnings besides generating employment, he added.
He also mentioned that the industry employment rate is about 2.5 million while there is a scope of employing additional 2.5 million people if the industry grows at a rapid rate in the next 3-4 years.
Government Departments and Industry leaders who are participating are ISRO, HEC, MECON, MSME TOOL ROOM, CIDC, AFECO, AIMIL, ALTAIR ENGINEERING, BLA COKE, CU-BUILT, EIRICH, FARO, GNR, INDIANA MACHINE TOOLS, KOIWAI, and UNICON to mention a few.
For further information contact Dipayan Mazumdar 9810016405, Devashree Bhattacharya 9818756970.