The forging industry is poised to reach a production of 4 million tonnes by 2014, growing at 20 per cent, according to the Association of Indian Forging Industry.
Addressing mediapersons on the sidelines of the ongoing 20th International Forging Congress 2011, association President Deven Doshi said here on Monday that the overall production of forgings increased to about 2.3 million tonnes as on March, 2011, from 1.8 million tonnes a year earlier.
Though the growth rate of Rs.15,000-crore industry for the current fiscal was pegged at 20 per cent against 30 per cent last year, the growth potential of the automobile sector, expected to triple in the next eight years (from 3 million vehicles to 10 million), would drive the growth of the industry.
The industry would see further capacity addition, attracting an investment of $3 billion by 2014, he said.
Bharat Forge Chairman and Managing Director Baba Kalyani said that while production in the forging industry declined in the developed world, it had been increasing in the emerging world, including India, based on the demand from the automobile sector, which accounted for 70 per cent of the total demand.
Even the slowdown in the automobile industry due to high rate of inflation and rise in interest rates would mean the sector would still grow at 8 per cent this year compared to 25 per cent growth earlier. “The demographic profile of India would anyway ensure growth even if the rate slowed down,” he added.
MM Forgings Managing Director and convenor-IFC 2011 Vidyashanakr Krishnan said over 1,000 delegates from 17 countries were attending the four-day Congress, with 66 global experts presenting technical papers on advanced forging technologies.
