Source: LiveMint.com, Aug 24, 2019
While it will be some time before the impact of the steps to boost the economy announced by finance minister Nirmala Sitharaman on Friday becomes evident, the association of Indian forging industry (AIFI) has reported an average decline of 25% – 30% in production largely due to its high exposure to the automotive sector.
AIFI said the annual output of the domestic forging industry, comprising about 400 units across India, was 30 Lakh metric tons in FY2019, with a total output valuation of up to ₹50,000 crore.
In an interaction with Mint, S Muralishankar, president, AIFI said, “Earlier, the capacity utilization was about 70%. This is now reduced to 50% as the average production has declined 25% – 30% year-on-year on the total output of the forging industry from November 2018 to July 2019.” Read the rest of this entry »