West Bengal's foundries in crisis
The foundries in West Bengal are facing sever crisis and are resorting to reduced working hours as domestic sales and exports have drastically come down due to global recession specially in the US & the EU.
Approx 70-80 units are already closed & the fig may exceed 100 by Dec 08. There are appprox 350 units in West Bengal as per Mr Ravi Sehgal, President, IIF & Managing Director, Carnation Industries. The production in most units have gone down from 40-50%. However,as per Mr Sehgal, the industry is restraining itself from layoffs in the hope of recovery in near future.
Exports in recent times have also shown downtrend to the extent of 35 - 40% in value terms due to declining demand from the USA & EU markets.
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