Mumbai, Sep 26 (UNI) Corrosion is a global phenomenon, damaging the economic growth of both advanced as well as developing countries very badly, according to Rajan Bahri, Trustee NACE International India Section (NIIS).
Inaugurating a three-day seminar 'CORCON 2007', dealing with "the Cost of Corrosion to the Nation", Mr Bahri said "The US government and the industry were shocked when they found out that the country is losing around US dollar 273 billion a year due to corrosion. ''This made them think and find solutions that are proven and cost effective'', he said.
The loss in India is estimated around Rs 100,000 crore per annum and these figures are not very accurate for all to agree. However, anything around three per cent GDP is the figure in USA and Japan and hence the assumptions about India may not be far off the mark.
It may be worthwhile for all the concerned parties, including the industries and the government as well as trade associations, to find out the actual cost of corrosion to the nation, suggested Mr Mukesh Rohagi, Chairman Engineers India Ltd, leading Consultancy PSU.