Industry body urges Union finance minister Nirmala Sitharaman not to withdraw export duty on steel

COIMBATORE: The Federation of Coimbatore Industrial Associations (FOCIA) have urged Union finance minister Nirmala Sitharaman not to withdraw the export duty on steel products as producers may prefer to export steel rather than meet the domestic demand.
S Surulivel, a coordinator of the federation, said, “Even as the raw material prices have come down, orders placed with MSMEs are falling due to a downturn in the global market. The pandemic had led to sudden rise in the prices of raw materials.
The industries are yet to recover from its impact.” The federation also suggested that the ministry could constitute a price fixation committee for raw materials with due representation from the MSME associations.