An ET report reveals that the continuous slowdown in the economy has led to closure of 106 forging units out of 600 across the country in last one and half years, rendering thousands of people jobless, according to an assessment by industry body AIFI.
The finding were highlighted in an initial assessment carried out by Association of Indian Forging Industry (AIFI). The industry body is expecting to come up with a detailed study in next 45 days. Indian forging industry, which employs about 3-4 lakh persons in the country, is expecting nearly 30 per cent decline in its production this fiscal to about 2 million tonnes (MT) from its peak levels of about 2.8 MT of 2011-12, the report added.
Forging is a manufacturing process, through which components are created that are stronger than those manufactured by any other metalworking process.
Read the complete report here