Corroding wealth: India loses Rs 200,000 cr a year
India looses a staggering Rs 2 lakh crore on account of corrosion of materials and metals used in infrastructure, vehicles, pipelines and water facilities, the industry body Confederation of Indian Industries (CII) said on Sunday.business Updated: Apr 24, 2011 23:08 IST
India looses a staggering Rs 2 lakh crore on account of corrosion of materials and metals used in infrastructure, vehicles, pipelines and water facilities, the industry body Confederation of Indian Industries (CII) said on Sunday.
Corrosion is a naturally occurring phenomenon where environmental reaction causes deterioration of metals leading to damaged pipelines, bridges, vehicles, waste water systems and even home appliances.
“While all of us are concerned about the country’s growth rate slowing down, India loses a staggering figure of over R2 lakh crore per year due to corrosion, which goes largely unattended,” said Baldev Raj, director at Indira Gandhi Centre for Atomic Research.
Raj, who is also the chairman of CII Corrosion Management Committee made a case for collaboration between industry and government such that India introduces a Corrosion Act on the lines of US, which provides incentives to organisations that take preventive measures against corrosion.
Corrosion has a huge economic and environmental impact on virtually all facets of the world’s infrastructure, from highways, bridges, and buildings to oil and gas, chemical processing, water and wastewater systems and particularly industrial structures. In addition to causing severe damage and threat to public safety, corrosion disrupts operations and requires extensive repair and replacement of failed assets.
Globally close to $2.2 trillion (Rs 97 lakh crore) is lost every year due to corrosion. “At $2.2 trillion, the annual cost of corrosion worldwide is over 3% of the world’s GDP. Yet, governments and industries pay little attention to corrosion except in high-risk areas like aircraft and pipelines,” says George F. Hays, director general World Corrosion Organisation (WCO).
WCO has designated April 24 as the Corrosion
Industry body CII said it will hold its first ever Global Corrosion Summit on Aug 24-25 to provide a mechanism for the industry to progress in corrosion mitigation from a reactive status to a predictive status.