Confederation of Indian Industry (CII) demanded on 24 April 2011 introduction of financial support through legislation for preventing corrosion of machines, pipelines and industrial structures. CII estimated that companies every year lose a whopping Rs 2 lakh crore annually due to such damages.
The chamber asked the industry and government to collaborate to introduce the Corrosion Act in India, like that in US which provides incentives to organisations for taking preventive measures against corrosion. CII highlighted that 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. CII added that the annual cost of corrosion worldwide is estimated to be $2.2 trillion. A need to increase awareness on the issues was thus felt.
CII is of the opinion that Industrial Asset Management needs implementation of corrosion audits, corrosion assessment and corrosion management.
The industry lobby, CII announced to organise a Global Corrosion Summit in August 2011.
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