MSME engineering exporters in India want PM intervention on rising steel prices

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MSME engineering exporters in India want PM intervention on rising steel prices

MSME engineering exporters in India want PM intervention on rising steel prices

Industry News
Jun 09,21

The engineering exporters in the MSME segment have sought Prime Minister Narendra Modi's intervention on rising steel prices.

MSME engineering exporters in India want PM intervention on rising steel prices

New Delhi

The Indian engineering exporters in the MSME segment have sought Prime Minister Narendra Modi's intervention on rising steel prices. The engineering exporters stated that the industry needs the alloy and other inputs at affordable rates, to maintain export competitiveness.

S C Ralhan, President, Ludhiana Hand Tools Association said that, many of the competing countries, particularly China, provide support to manufacturing units by providing steel and other inputs at much reasonable prices to boost competitiveness of their engineering sector in the global markets.

He also said that India is gradually losing out its markets to China in the value-added segment of exports and the recent growth visible in exports is largely on account of hike in the prices of metal and commodities.

An immediate decision is needed as the pandemic in the country has continued and already resulted in closure of large number of MSMEs which will further increase, if immediate steps are not taken to provide steel to them at most competitive price.

He cautioned that if the prices would not come under control, a large number of manufacturers would be out of business and that could result in closure of factories, loss of employment and suggested that the government should consider setting up a raw material bank for MSMEs to provide steel and other key inputs to them by extending some kind of subsidy.

Source: Business Standard