Imposition of export duties on steel production will give boost to MSME Industries: CICU
Chamber of Industrial and Commercial Undertakings (CICU), Ludhiana president Upkar Singh Ahuja has said that imposition of export duties on steel production will give boost to MSME Industries.
City Air News
May 23, 2022 07:35
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Ludhiana, May 23, 2022: Chamber of Industrial and Commercial Undertakings (CICU), Ludhiana president Upkar Singh Ahuja has said that imposition of export duties on steel production will give, boost to MSME Industries.
In a statement here today, he added that the government removed custom duties on raw material and hiked export taxes to check local prices. The government on Saturday waved off custom duty on import of some raw material including cooking coal and ferronickel used by the steel industries, which will lower the cost of domestic industries.
He said it was long standing demand of CICU to take these steps and same was demanded by him and other office bearer in his meeting with Minister Commerce and Industry, Piyush Goyal, Steel Minister Ram Chandra Prasad Singh and Minister of MSME Narayan Tatu Rane at Udyog Bhawan on May 5 this year and CICU further followed up the same with government.
He mentioned in said meeting that if steel per kilogram is exported for example @80Rs, it finished products like Bicycle, Hand Tools, Auto Components, Sewing Machine and Parts are roughly exported @150Rs per Kilogram to @500Rs per kilogram, which is depending on nature of product. So rather than export of Steel, Govt. must focus on Export of finished products and same was accepted by Steel Minister during meeting. Moreover, it will boost to Indian MSME, more employment, more tax collection and other ample of other benefits.
Further, he said MSME cherish the above decision of the government. He said CICU Team thanks Prime Minister Narendra Modi, Finance Minister, Nirmala Sitharaman, Minister Commerce and Industry, Piyush Goyal, Steel Minister Ram Chandra Prasad Singh and Minister of MSME Narayan Tatu Rane for the action taken in support of Indian MSME.
He said as a result, prices of steel have gone down in open market and stockers those having high level stocks started desperate sales, however large production house to announce the revised prices. For reference steel ingot indicative prices reduce form 53000 PMT to 50000 PMT, he added.
