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The ball bearing industry might witness a flat or even a negative growth this year on account of a slowdown in demand across various sectors in the domestic market due to the high inflation.
The industry had posted a 30-32 per cent growth last fiscal, according to Mr Shashi K Shah, President, Eastern India Ball Bearing Merchants Association (EIBBMA).
“Though our growth was good during the first few months of this fiscal, however, it has dropped significantly over the last two months. If this trend remains, we fear that the industry might register a flat or negative growth this year,” Mr Shah said while talking to newspersons on the sidelines of the 43rd annual general meeting of EIBBMA here on Wednesday.
The total demand for ball bearing in the country was pegged at around Rs 7,500 crore and close to 65-70 per cent of it came from the automotive sector, he said. He added, “The automotive industry is witnessing a terrible slowdown and this has impacted our sales as well.”
The association is also anticipating a slowdown in exports on account of the recent crisis in the Euro Zone and the global recession. “Europe and the US are the two major countries where our products are exported. The global economic slowdown will affect exports,” he said.
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