Downsizing deals - 50,000 lose jobs in forging industry

The global economic slowdown has crippled the forging industry as well. The sector that generated INR 10,000 crore per annum has laid off about 50,000 employees within eight months...

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The global economic slowdown has crippled the forging industry as well. The sector that generated INR 10,000 crore per annum has laid off about 50,000 employees within eight months. Ever since the demand for auto components went down drastically, the sector has been struggling to stay afloat. According to Mr Vidyashankar Krishnan president of the Association of Indian Forging Industry, the sector took a beating after the sale of automobiles was slashed in the past few months following the global meltdown. He added that “Business has dropped by 70% during this period and there is no indication of revival in the near future. In addition, most of the existing clients are delaying their payments at least by 100 days, up from around 63 days earlier. Mr Vidyashankar said that “Clients asked us to ensure the availability of steel till September of this year and the industrial units too purchased steel at a time when the prices were high. However, of late, the clients are bargaining for a reduction in prices, which has affected the industry.” Mr Vidyashankar wanted the Government to announce a stimulus package to bail out the industry. First, public sector banks must offer credits to the forging industry, which falls under Small and Medium Enterprises category adding that the Government must increase its investment in infrastructure in such that the demand for trucks increases, boosting the demand for auto components.

Global economic slowdown, Mr Vidyashankar Krishnan, Steel Industry, Forging industry, Demand for auto components

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