Ludhiana, March 17
The Federation of Industrial and Commercial Organisation (FICO) demanded stability in the steel prices from the Central Government.
KK Seth, chairman, FICO, and Gurmeet Singh Kular, president, FICO, have requested Prime Minister Narendra Modi and Ram Chandra Prasad Singh, Minister of Steel, GoI, to intervene and resolve the issue. FICO also requested the steel minister to ban export of steel to felicitate indigenous manufacturers.
The prices of steel have been hiked by over Rs 10 per kg in one month, which is unacceptable to the industry and consumers.
“The rise in steel prices is unjustified with MSMEs. As previous orders have not been completed, the industry have to purchase steel and iron at renewed prices. Frequent hike is fatal for the industry as it has left Indian manufacturers incompetent at the international level,” they said.
“India is rich in iron ores, despite that why steel prices are being drastically increased so frequently. On the other hand, the imports from China are getting increased. The closure of the MSME sector will lead to unemployment of over nine crore workers, which will create an uncontrollable situation across the nation. It is high time that the government should stabilise the prices of steel in the country,” the duo said.
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