Chinese Dumping Forces 35% Gujarat Stainless Steel MSMEs Closure
Steel

Chinese Dumping Forces 35% Gujarat Stainless Steel MSMEs Closure

In a troubling development, approximately 35% of Stainless Steel Micro, Small, and Medium Enterprises (MSMEs) in Gujarat have ceased operations during the second quarter of the fiscal year 2024.

This dire situation is attributed to the adverse effects of Chinese dumping, which has inundated the market with low-priced stainless steel, rendering local businesses unable to compete.

The Indian Stainless Steel Development Association (ISSDA) Chief highlighted the severe consequences of this economic downturn, emphasising the urgent need for intervention.

Chinese dumping refers to the practice of selling goods in foreign markets at prices below production costs, often subsidised by the Chinese government, creating an uneven playing field for domestic industries.

These closures have profound implications for the regional economy, leading to unemployment and economic instability.

The ISSDA is actively engaging with stakeholders and authorities to formulate strategies aimed at mitigating the impact of foreign trade practices on local industries.

This crisis underscores the importance of robust trade policies and international cooperation to safeguard the interests of domestic businesses and workers.

In a troubling development, approximately 35% of Stainless Steel Micro, Small, and Medium Enterprises (MSMEs) in Gujarat have ceased operations during the second quarter of the fiscal year 2024. This dire situation is attributed to the adverse effects of Chinese dumping, which has inundated the market with low-priced stainless steel, rendering local businesses unable to compete. The Indian Stainless Steel Development Association (ISSDA) Chief highlighted the severe consequences of this economic downturn, emphasising the urgent need for intervention. Chinese dumping refers to the practice of selling goods in foreign markets at prices below production costs, often subsidised by the Chinese government, creating an uneven playing field for domestic industries. These closures have profound implications for the regional economy, leading to unemployment and economic instability. The ISSDA is actively engaging with stakeholders and authorities to formulate strategies aimed at mitigating the impact of foreign trade practices on local industries. This crisis underscores the importance of robust trade policies and international cooperation to safeguard the interests of domestic businesses and workers.

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000