The Tribune reported that Punjab’s industrialists using steel as raw material in their industries are upset with the Indian government for making rapid changes in its policy on the trade after 15% duty on steel exports was withdrawn on 19 November 2022The report quoted a Nut & Bolt manufacturer Mr Samir Goyal as saying that “Frequent shift in the government’s policy forced him to shut down another unit within a month of its setting up. He procured machines worth INR 2 crore from Taiwan about seven months back. However, he managed to run it only for a month as the government changed its policy. Today, it withdrew the export duty while the import duty on iron and steel was imposed only about five months back. It seems that the government is a puppet in the hands of a few people.”The report quoted another industrialist Mr Kulwinder Singh as saying that “The international business scenario has drastically changed in the last four months. The prolonged war between Russia and Ukraine caused all round inflation which resulted in an uncertain scenario. So, the impact of the withdrawal of 15% export duty on steel products and iron ore would be known only after sometime.”Another entrepreneur manufacturing weighbridges Mr Sirjan Singh is quoted as saying that “, The withdrawal of duty would be a boost to steel manufacturing industry as it was expected to increase exports. At the same time, it was likely to lead to an increase in prices of steel in the domestic market which will adversely affect various industries in India such as automobiles, energy, construction, machinery and others as the cost of raw material will dramatically increase.”
The Tribune reported that Punjab’s industrialists using steel as raw material in their industries are upset with the Indian government for making rapid changes in its policy on the trade after 15% duty on steel exports was withdrawn on 19 November 2022The report quoted a Nut & Bolt manufacturer Mr Samir Goyal as saying that “Frequent shift in the government’s policy forced him to shut down another unit within a month of its setting up. He procured machines worth INR 2 crore from Taiwan about seven months back. However, he managed to run it only for a month as the government changed its policy. Today, it withdrew the export duty while the import duty on iron and steel was imposed only about five months back. It seems that the government is a puppet in the hands of a few people.”The report quoted another industrialist Mr Kulwinder Singh as saying that “The international business scenario has drastically changed in the last four months. The prolonged war between Russia and Ukraine caused all round inflation which resulted in an uncertain scenario. So, the impact of the withdrawal of 15% export duty on steel products and iron ore would be known only after sometime.”Another entrepreneur manufacturing weighbridges Mr Sirjan Singh is quoted as saying that “, The withdrawal of duty would be a boost to steel manufacturing industry as it was expected to increase exports. At the same time, it was likely to lead to an increase in prices of steel in the domestic market which will adversely affect various industries in India such as automobiles, energy, construction, machinery and others as the cost of raw material will dramatically increase.”
