MSMEs Oppose Proposed Steel Import Duty Hike Amid Price Volatility
Micro, small, and medium enterprises (MSMEs) in Coimbatore are raising concerns over the Union steel ministry’s proposal to increase the import duty on steel products, fearing it could harm their businesses. The Federation of Coimbatore Industrial Associations (FOCIA) has sent an urgent letter to the Union steel and heavy industries minister, urging a reconsideration of the move.
FOCIA highlighted that MSMEs, which purchase steel for manufacturing components supplied to large industries, have struggled with volatile steel prices since the pandemic. After recent price reductions, these smaller industries are finally recovering, securing export orders. However, the proposed import duty hike threatens to disrupt this fragile stability, making it difficult for MSMEs to fulfill existing orders, particularly those from public sector units (PSUs) like the railways.
FOCIA also called for a 'maximum selling price' policy for metals like steel, aluminum, and copper to protect MSMEs from future price volatility. Additionally, they renewed their demand for a price monitoring committee that includes MSME representation to ensure fair pricing.
Related Stories
PM Modi, Spanish PM Sanchez to inaugurate Tata's military aircraft ..
PM Modi will also inaugurate development projects valued at over Rs 4,900 crore in Amreli.
MSMEs Urge Reconsideration of Proposed Steel Import Duty Hike
MSMEs call for a review of the proposed increase in steel import duty.
HVAC leaders share tips with developers
Plus, CW examines what the HVAC industry needs to grow eightfold in the next two decades.
Page {{currentPage}} of {{pageCount}}
{{copy}}