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Foundry sector is expected to witness an annual growth of 13-14 per cent from the present five-seven per cent. This would see an increase in production of castings from 11.5 million tonnes to 14-15 mt by 2021 and is set to touch 20 mt by 2025, Chairman of the city chapter of Institute of Indian Foundrymen, G Ezhil, said.
Demand for foundry products was increasing owing to its quality, and the industry was the second largest producer of castings in the world after China. Apart from this, the opportunities coming from the defence, railways and automobile sectors would boost the demand, he said.
Stating that the foundry sector has witnessed an investment of $500 million in the last two years for expansion and modernisation, the Chairman of the city chapter of CII, M Ramesh, said huge investments were expected as the sector has been focusing on ‘Make in India and Ease of Doing Business’ and relaxing of FDI norms by the Government of India.
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