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Innovation must for foundry industry growth: Kariya Munda

Posted on Jan 29, 06:08PM | IBNS

Kolkata, Jan 29 : Deputy Lok Sabha Speaker Kariya Munda on Tuesday said Indian Foundry Industry needs technological innovation in order to achieve inclusive and overall economic growth.

"The Indian Foundry Industry produces around 7 million tonnes of castings employing 0.5 million directly and another 1.5 million indirectly drawn mainly from socially and economically weaker sections of society..Therefore, technological innovation in Foundry Industry is very important for inclusive and overall economic growth. ," Munda said while addressing at the Save Energy and Environment Forum (SEEF) of the 61st Indian Foundry Congress.

"As per Goldman Sachs Report, by 2059 India is expected to be the third largest economy (by GDP) in the world along with China and US. If we are to achieve this target we must use our resources in the most economical, efficient and environmental friendly manner," he said.

Speaking about the Indian foundry industry, Munda said: "While the Indian Foundry Industry has not only survived the recent downturn but has successively restructured itself to maintain profitability and growth."

He said the industry will need to take more steps to achieve the target of becoming one of the leading economies in the world.

"Typically, the Foundry Industry has to face the challenges of meeting pollution control regulations, disposal of waste, shortage of skilled personnel and consequent high manpower cost and maintaining the quality of international standards at competitive prices," he said.

Speaking on the Foundry Congress, he said: "Such forums as the Indian Foundry Congress and its events by Save Environment Forum provide a platform for knowledge sharing and networking so that we are made aware of the best practices in the world and benchmarking them to improve their performance."

The 61st Indian Foundry Congress, which is organized by The Institute of Indian Foundrymen (IIF), hosted the SEEF on Tuesday.

SEEF explored the diverse dimensions of promoting the theme- 'Engineering Change for Green Environment'.

The IIF was setup in 1950 to promote education, research, training and development in Indian foundrymen and to serve as a nodal point of reference between the customers and suppliers of the Indian foundry industry on a global scale.