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PTI reported that India’s foundry industry has demanded reduction of import duty for pig iron and other raw materials as prices of pig iron and other raw materials for the industry have gone up by 30-50%. Institute of Indian Foundrymen President Mr Vijay S Beriwal said “Steel prices have increased by 30-50% in the last 5-6 months and foundry chemicals have become expensive by 15-20%.”
The industry body has also sought subsidies on power from the government to stay competitive in the global markets by saying “Compared to other countries, the cost of power in India is high, which is hurting the energy-intensive foundry industry. Energy cost accounts for 15-20% of the manufacturing expense, which is the highest. We seek subsidies on power from the government to stay competitive in the global markets. Such measures were proposed by the foundry industry in India. The high input cost has an adverse impact on the USD 3 billion foundry exports from India and makes units uncompetitive in the international markets.”
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