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Dear all,

IIF is proud to be an International Co-Organizer of the 76^th WFC 2026. We invite you to be part of this prestigious global foundry event.

If interested, please fill the IIF form: https://forms.gle/DmcVvLfRNxzYyi5T6

Register directly at: https://76wfc.com/register

Submit Technical Papers:https://76wfc.com/papers

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Kolhapur Chapter

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With Regards,

Mrs. Aarti Ghag

Executive Officer, IIF-WR

7303511171

Thought of the Day

News Letter Supported By

Ashapura Electrotherm Elkam

Today's Top Raw Materials Headlines

*** India: Melting scrap prices fall by INR 300/t d-o-d in Alang

*** India: BigMint's ferrous scrap index drops INR 500/t d-o-d on softening steel prices

*** India’s imported scrap market slows on buyer resistance

*** India: Mill scale exports rise over 40% y-o-y in FY'26 on strong South Asian demand

*** India: Mill scale prices remain supported in key markets

*** India: Stainless steel scrap prices stay firm amid supply tightness, weak imports

*** Indian ferro alloys market shows mixed trends amid shifting demand dynamics

*** India: Thermal coal prices stable w-o-w; higher supplies may pressure prices

Raw Material News

India's Growth to Ease but Stay Strong: ADB Forecasts 6.9% in 2026, 7.3% in 2027

The Asian Development Bank forecasts India's GDP growth will moderate but remain robust at 6.9% in 2026 and 7.3% in 2027, following an estimated 7.6% in 2025. This growth is expected to be supported by strong private consumption, structural reforms, and recent trade agreements. However, the report cautions that external headwinds, including higher global energy prices from geopolitical conflict, could intensify inflationary pressures. Despite these risks, India's resilient domestic demand positions it as a key driver of economic expansion in the Asia-Pacific region.

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India targets 25% emissions cut and capacity expansion under new policy

[SMM Steel] India is drafting the National Steel Policy 2025, aiming to reduce steel sector emissions by about 25% and expand crude steel capacity to 400 million mt by 2035-36. The plan targets lowering emissions to 2 tons of COâ‚‚ per ton of finished steel, while reducing coal dependence and supporting long-term production growth.

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India Aims for Rs 1 Lakh Crore in Seafood Exports, Focuses on Value Addition

India's seafood exports have more than doubled over the past 11 years, reaching Rs 62,408 crore in 2024-25, largely driven by shrimp. Union Minister Rajiv Ranjan Singh emphasized diversifying markets and products while ensuring strict regulatory compliance and traceability. The government is pushing for value addition, better infrastructure, and exploring high-value species like tuna to reduce post-harvest losses. With a target of Rs 1 lakh crore, exporters are urged to adopt an open-market approach with support from various government institutions.

Industry News

India's Growth to Ease but Stay Strong: ADB Forecasts 6.9% in 2026, 7.3% in 2027

Asian Development Bank projects robust Indian economic growth driven by domestic consumption and reforms, despite global headwinds from energy prices and conflict.

The Asian Development Bank has projected that India's economic growth will remain robust despite global uncertainties, even as rising geopolitical tensions and higher energy prices weigh on the broader regional outlook, according to its latest report.

India's GDP growth is forecast at 6.9 per cent in 2026 and 7.3 per cent in 2027, following an estimated 7.6 per cent growth in 2025, making it one of the fastest-growing major economies in the region.

The report noted that while growth in India is expected to ease slightly from last year's high base, it will continue to be supported by strong domestic consumption, ongoing structural reforms, and recent trade agreements.

It said, "Growth in India will ease but remain robust, bolstered by resilient consumption, recent trade agreements, and ongoing structural reforms."

ADB highlighted that India's economic momentum was particularly driven by buoyant private consumption, which pushed growth higher in the second half of 2025. Investments, especially in infrastructure and industry, also contributed to sustaining economic activity.

However, the report cautioned that external headwinds, particularly from the ongoing Middle East conflict, could pose risks. The conflict has pushed global oil prices sharply higher, increasing input costs for energy-importing economies like India and adding to inflationary pressures.

The report noted, "The region is highly exposed mainly through higher prices of energy and other commodities."

Inflation in India is projected at 4.5 per cent in 2026 and 4.0 per cent in 2027, reflecting the impact of rising food and energy prices, even as it remains relatively contained compared to some regional peers.

According to ADB, India and other South Asian economies are particularly vulnerable to higher food and energy inflation, though strong domestic demand is expected to provide a cushion against global shocks.

"Higher energy and transport costs would intensify inflationary pressures, erode real incomes," said the report.

At the regional level, growth in developing Asia and the Pacific is expected to moderate to 5.1 per cent in 2026 and 2027, amid geopolitical tensions, tighter financial conditions, and trade uncertainties.

The multilateral lender emphasised that while risks remain elevated, India's growth outlook continues to stand out due to its resilient domestic demand and reform momentum, positioning it as a key driver of regional economic expansion.

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Tractor Industry Ends FY26 On a High; March Domestic Sales Rise 29% on Festive Demand

Full Navratri season, robust agri fundamentals and improved rural liquidity drive March spike; FY26 volumes cross 10 lakh across wholesale and retail

India’s tractor industry ended FY26 on a strong note, with wholesale volumes recording robust double-digit growth in March 2026. Total sales rose 24% year-on-year to 1,12,468 units, supported by favourable agricultural conditions, a full Navratri purchasing window falling in March, and improved credit access for farmers.

According to Tractor and Mechanization Association data, domestic tractor dispatches grew 29% to 1,03,193 units during the month, while exports declined 14% year-on-year to 9,275 units. Production stood at 1,09,967 units, up 28.6% from 85,500 units a year earlier.

The country’s largest tractor maker, Mahindra & Mahindra Ltd.’s Farm Equipment Business, reported a 33% year-on-year rise in domestic dispatches to 43,404 units compared with 32,582 units a year ago. However, exports fell 31% to 1,632 units.

“A significant part of this high growth was driven by the full Navratri season falling entirely in March’26, unlike last year when it was split between March and April. We ended FY26 with highest-ever sales of 5,05,930 units, registering growth of 24%,” said Veejay Nakra, President of Farm Equipment Business.

Escorts Kubota Ltd. reported total sales of 12,119 units in March, up 6.6% year-on-year. Domestic sales accounted for the bulk of the volume, rising 7.5% to 11,582 units, while exports declined 10.4% to 537 units.

The company noted that while harvesting activities saw some delays due to recent rainfall, the overall rabi outlook remains positive, supported by above-normal reservoir levels and improving farm sentiment. However, it flagged potential supply-side risks from geopolitical developments, including possible disruptions in fertiliser availability ahead of the kharif season.

Sonalika Tractors posted one of the strongest performances, with domestic sales rising 33% year-on-year to 16,450 units, marking its highest-ever March volumes. The company attributed this growth to robust rabi sowing, healthy reservoir levels and improved rural cash flows, further supported by the full Navratri season.

In contrast to wholesale momentum, tractor retail sales grew at a relatively moderate pace, rising 10.87% year-on-year to 82,080 units in March, according to the Federation of Automobile Dealers Associations.

FY26 Performance

For the financial year ended March 2026, both wholesale and retail tractor volumes crossed the 10-lakh mark. The domestic wholesale dispatches stood at 11,60,231 units, up 23.5% year-on-year, while retail sales reached 10,50,077 units, growing nearly 19%. This marks the first time tractor retail sales have crossed the 10-lakh milestone. Exports for the year rose around 7% to 1,05,593 units.

On the retail sales front, the competitive landscape remained heavily skewed. Mahindra & Mahindra’s tractor division, including the Swaraj brand, retained a dominant position with combined sales of 4,46,948 units, accounting for a 42.57% market share. The Mahindra brand alone held 23.81% (2,49,973 units), while Swaraj contributed 18.76% (1,96,975 units).

International Tractors Limited (Sonalika) held third position at 12.76% share (1,34,030 units), down marginally from 13.04%. TAFE Limited edged up to 11.27% (1,18,326 units) from 11.24%.

The more interesting movement was at Escorts Kubota, which climbed to 10.90% share (1,14,468 units) from 9.93% — the biggest share gain among the top five. The 30.6% volume growth suggests the global Kubota partnership is beginning to pay dividends in the domestic market, with technology transfer, product upgrades and a wider dealer footprint contributing to the acceleration.

John Deere India maintained its position with a 7.63% share (80,086 units), while Eicher Tractors saw a slight decline to 6.21% (65,215 units). CNH Industrial gained traction, increasing its share to 4.49% (47,122 units).

What drove the 10-lakh milestone

The tractor industry’s performance in FY26 was underpinned by strong agricultural fundamentals. The 2025 southwest monsoon was among the best in recent years, with rainfall slightly above the long-period average. This supported strong kharif output, improved reservoir levels and strengthened rural cash flows, particularly from the second half of the year.

The rabi season also remained robust, with higher sowing across key crops such as wheat, mustard and pulses. Government support through MSP hikes, direct benefit transfers and improved farm economics further boosted farmer sentiment and purchasing power.

The rural-urban dynamic in tractor demand remains distinct. Rural markets accounted for 81% of total tractor retail in FY26, largely unchanged from 81.5% in FY25. Urban demand, which includes construction and haulage applications, grew faster at 22.37% compared with rural growth of 18.17%, indicating increasing non-agricultural usage of tractors.

Life Style and Management

Greatest Lesson about Success

What if the greatest lesson about success isn’t found in boardrooms or books, but in the way children fall, stumble, and get back up without shame?

“Children have a lesson adults should learn, to not be ashamed of failing, but to get up and try again.”

Somewhere along the way, many of us trade that fearless resilience for caution. We become careful, rigid, and “safe,” so afraid of failure that we end up settling for resignation.

But failure itself is not the enemy. Fear is. Fear of judgment. Fear of loss. Fear of being seen trying and falling short.

Children don’t carry that fear; they have curiosity. They view failure as a natural part of growth, not an end to it.

The challenge for us as adults is simple but radical:

Stop equating failure with identity.
Practice the childlike courage of trying again.
Build resilience not by avoiding risk, but by rising each time we fall.

Jokes All the Way......

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The Institute of Indian Foundrymen

Western Region