Ludhiana Hand Tools Exporters Seek Control on Steel Prices
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Ludhiana Hand Tools Exporters Seek Control on Steel Prices

PTI reported that Indian engineering goods exporters in the MSME segment have sought Prime Minister Mr Narendra Modi’s intervention on rising steel

PTI reported that Indian engineering goods exporters in the MSME segment have sought Prime Minister Mr Narendra Modi’s intervention on rising steel prices, stating that the industry needs the alloy and other inputs at affordable rates so that export competitiveness of value added products is maintained in the global markets. Ludhiana Hand Tools Association president Mr SC Ralhan wrote to the Prime Minister “Many of the competing countries, particularly China, provide support to manufacturing units by providing steel and other inputs at much reasonable prices to boost the competitiveness of the engineering sector in the global markets. 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 a hike in the prices of metal and commodities. A sharp decline is seen in the export trends of finished engineering goods. In the given situation, the MSME industry needs to be provided steel at reasonable prices so that the export competitiveness of value added products is maintained.”

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 loss of employment.

He suggested the government consider setting up a raw material bank for MSMEs to provide steel and other key inputs to them by extending some kind of subsidy.

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