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India Loses Large Amount due to Corrosion

PTI reported that CII said the government should introduce financial support through legislation for preventing corrosion of machines, pipelines and industrial structures as companies lose a whopping INR 0.2 million crore annually due to such damages.

Corrosion has a huge economic and environmental impact in various sectors including highways, bridges, buildings, oil and gas, chemical processing, waste water systems and particularly industrial structures.

The chamber has asked the industry and government to collaborate to introduce the Corrosion Act in India like US which provides incentives to organizations for taking preventive measures against corrosion.

CII said "India loses a staggering figure of over INR 0.2 million crore per year due to corrosion which goes largely unattended" adding that the annual cost of corrosion worldwide is estimated to be USD 2.2 trillion.

It said to control the losses due to corrosion there is a need to increase awareness on the issues. "Industrial Asset Management needs implementation of corrosion audits, corrosion assessment and corrosion management."

Reference: www.steelguru.com (Sourced from BS)