Can India reported that India’s Association of Indian Forging Industry has written to Prime Minister Mr Narendra Modi expressing their concern about the high steel prices by the Indian steel industry and sought his immediate intervention for withdrawal on the high prices in order to save the Indian forging and auto component industries from a major crisis. AIFI President Mr Vikas Bajaj said “After the impact of Covid-19 pandemic, the forging industry is gradually returning to normalcy, owing to increased domestic demand from the auto industry as well as a favorable export opportunity. Due to the Chinese factor, there are currently a large number of new inquiries from both North America and Europe. Unless and until the government intervenes to stop this disproportionate and unreasonable steel increase, the entire Indian automobile, auto component, and forging industry would become uncompetitive on a global stage.”Mr Bajaj said “Currently, the industry is still going through a difficult period and is unable to absorb losses. We have written to the Honorable Prime Minister requesting their intervention in this matter and demanding that the unjustified price rise imposed by the Indian steel industry be withdrawn immediately. We are hoping for positive responses and action from the government.”Based on the most recent biennial survey conducted by AIFI in March 2020, the Indian forging industry has an estimated turnover of INR 40,000 crores, of which exports contribute INR 14000 crore. For fiscal year 2021-22, forging production in India is expected to grow at a CAGR of more than 10 per cent between 2021 and 2024.
Can India reported that India’s Association of Indian Forging Industry has written to Prime Minister Mr Narendra Modi expressing their concern about the high steel prices by the Indian steel industry and sought his immediate intervention for withdrawal on the high prices in order to save the Indian forging and auto component industries from a major crisis. AIFI President Mr Vikas Bajaj said “After the impact of Covid-19 pandemic, the forging industry is gradually returning to normalcy, owing to increased domestic demand from the auto industry as well as a favorable export opportunity. Due to the Chinese factor, there are currently a large number of new inquiries from both North America and Europe. Unless and until the government intervenes to stop this disproportionate and unreasonable steel increase, the entire Indian automobile, auto component, and forging industry would become uncompetitive on a global stage.”Mr Bajaj said “Currently, the industry is still going through a difficult period and is unable to absorb losses. We have written to the Honorable Prime Minister requesting their intervention in this matter and demanding that the unjustified price rise imposed by the Indian steel industry be withdrawn immediately. We are hoping for positive responses and action from the government.”Based on the most recent biennial survey conducted by AIFI in March 2020, the Indian forging industry has an estimated turnover of INR 40,000 crores, of which exports contribute INR 14000 crore. For fiscal year 2021-22, forging production in India is expected to grow at a CAGR of more than 10 per cent between 2021 and 2024.
