The foundry sector in the country is expected to witness an annual growth of 13-14 per cent from the present five-seven per cent, captains of industry said Thursday.
This would see production of castings increase from 11.5 million tonnes to 14-15 million tonnes by 2021 and was set to reach 20 million tonnes by 2025, chairman of the city chapter of Institute of Indian Foundrymen G Ezhil said.
He said this whike speaking to reporters on the ninth edition of a two-day National Foundry Conclave to be held here from November 16.
The 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, he said.
Apart from this, the opportunities coming from the defence, railways and the automobile sectors would boost the demand, he said.
Stating that the foundry sector has witnessed an investment of 500 million dollars in the last two years for expansion and modernisation, the chairman of the city chapter of CII M Ramesh said huge investment was likely in the sector as it has been focussing on ‘Make in India and Ease of Doing Business’ and relaxing of FDI norms by the government of India.