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Industrialists slam hike in steel prices; to chalk out plan after election results
Ruing losses, the industrialists said union government has failed to form a regulatory committee causing irrational rise in the price of steel
Raising hue and cry over the ‘irrational’ hike in the steel prices, the Consortium of Industrial Associations conducted an urgent meeting on Wednesday and slammed the union government for failing to control the prices of steel in the country.
Different industrial associations, including Federation of Industrial and Commercial Organisation (FICO), United Cycle and Parts Manufacturers Association (UCPMA), Dhandari Industrial Welfare Association, Fastener Manufacturers Association, United Sewing Machine and Parts Manufacturers Association, Federation of MSME Manufacturers, among others participated in the meeting and raised concern over the rising prices.
Ruing losses, the industrialists said union government has failed to form a regulatory committee causing irrational rise in the price of steel. “The price has increased by around ₹10,000 per ton in last one week, which is not acceptable for the industry and the owners of the small units will be forced to shut down their units in the coming time,” they said.
They said a meeting of industrial associations will again be held after the announcement of assembly elections results to chalk out further action plan, so that the government act against the irrational hike in price.
Charanjit Singh Vishwakarma from Federation of MSME Manufacturers said if the government failed to control the prices of steel, then the cycle will get costlier by ₹400. Also, the owner of the small/micro units will be forced to shut down the units as they are suffering huge losses. The government is not paying heed to the issue, which is pushing the industry on the brink of closure. The industry is suffering losses as they have to honour the old orders on new prices, which are comparatively high.
Earlier on March 5, different industrial association had also staged a protest against the union government over the issue at cycle market on Gill road. They accused the big steel manufacturers of increasing the steel price in the garb of Russia-Ukraine war.
General secretary, UCPMA, Manjinder Sachdeva said, “The rates are being increased by big players through caterlisation and the union government should control the same by forming a regulatory committee. We have been seeking formation for the committee for a long time, but to no avail.”
Earlier in the month of November, the consortium had staged 12-day long protest against the union government over the rising prices of raw material, especially steel.
Industrialists forced to stop operations: CICU
The steering committee of Chamber of Industrial and Commercial Undertakings (CICU) also met to discuss the issue on Wednesday and said the industry is being forced to temporarily shut down operations due to rising price of steel and other raw material such as zinc, nickel, copper etc.
CICU president Upkar Ahuja said if the government failed to control the prices, industry will be forced to shut down the operations completely and this will also lead to unemployment.
