‘State foundry industry turnover to be ₹7k cr in 5 yrs’
Times of India | 6 September 2024
Kolkata: Bengal’s foundry industry has registered a turnover of Rs 5,000 crore in the last fiscal (2023-24), with major players anticipating that it would touch Rs 7,000 crore in next five years with many foundries expanding their businesses in the state and other parts of eastern India. This was revealed at the 73rd AGM of the Institute of Indian Foundrymen (IIF).
The proliferation of high-pressure moulding lines and advancements in sand mechanisation, cleaning and other technologies have propelled Bengal’s foundry industry to higher standards with the help of foreign collaborations.
“As for business growth, south India comes first, followed by the west and the east. The foundry market of eastern India is rising as many players are entering this region. Every year, we are seeing 10% business growth in Bengal’s foundry industry and the growth rate is likely to be near double in next five years,” IIF president Navneet Agarwal told TOI.
Bengal has around 500 foundries now. Most of these units are located in Howrah while some operate in Durgapur and Asansol.
“The foundry industry of India had a turnover of Rs 60,000 crore last fiscal. We hope that the pan-India turnover will scale up to Rs 85,000 crore by 2029 and Bengal’s industry will have Rs 2,000 crore jump in turnover,” said Agarwal.