UCPMA and FICO sent resentment regarding steel prices to PM Modi

The industrial bodies pointed out that “we truly understand that India being rich in iron ores are exporting the same and earning huge revenues, but on the flip side India’s own MSME sector is on the verge of closure, it is our hand folded appeal to stabilise the steel prices and save the industry of India”. 

Ludhiana, April 9, 2022: Today, a joint meeting of UCPMA (United Cycle & Parts Manufacturers Association) and FICO (Federation of Industrial & Commercial Organization) has been called regarding the rising prices of steel and other raw materials and their consequences, UCPMA & FICO sent a resentment regarding the same to Narendra Modi, Prime Minister.
 
The prices of steel have been hiked by more than Rs.20 per Kg recently, which is totally unacceptable to the industry and the consumers, frequent hike is very fatal for the industry as this has let Indian Indigenous manufacturers incompetent internationally. India is rich in Iron Ores then why steel prices are being drastically increased so frequently. The covid hit micro and small units manufacturing the bicycles and bicycle parts in Ludhiana, are on the verge of closure which will lead to unemployability of at least 5 lakh families and the consequences will be unimaginable. 

A Cycle is poor man’s ride, generally used by labourers for commuting to their work places, milkman to deliver milk, and many other self-employed street hawkers to sell their products. The roadster model of cycle is weighs 17.5 kg on an average, with the recent inflation in steel prices, the hike of Rs. 700 per cycle is applicable, which will put a direct burden on poor man’s pocket. Moreover, the parts and accessories will also get costlier leading to increase in the maintenance cost of the cycle, the poor man’s ride will not be affordable by the poor man himself. 

The industrial bodies pointed out that “we truly understand that India being rich in iron ores are exporting the same and earning huge revenues, but on the flip side India’s own MSME sector is on the verge of closure, it is our hand folded appeal to stabilise the steel prices and save the industry of India”. 

Gurmeet Singh Kular President FICO, Manjinder Singh Sacdeva General Secretary UCPMA, K.K. Seth Chairman FICO, Gurcharan Singh Gemco Acting President UCPMA, Avtar Singh Bhogal, Satnam Singh Makkar, Valaity Ram, Rajinder Singh Sarhali, Inderjit Singh Navyug, Rajeev Jain General Secretary FICO, Balbir Singh Mankoo, Varun Kapoor, Harpal Singh Bhamber and Raman Seth were among those present.