Unstable steel prices impacting MSMEs in Ludhiana: CICU

New Delhi, Jan 11 (KNN) Voicing concern over the rising steel prices, Chamber of Commercial and Industrial Undertakings (CICU) in a recent meeting raised that the unstable price of steel is adversely impacting the Micro, Small and Medium Enterprises (MSMEs) of the region.

CICU President Upkar Singh Ahuja informed that the MSMEs that require steel as raw input are not in best shape due to the prices.

He further said that the unstable prices of steel come in addition to the complications that already existed under the new taxation.

Citing another concern, the officials raised that the promotion of export of prime steel by the centre is another reason for the rising steel prices.

Ludhiana houses fair share of manufacturing MSMEs. These units manufacture items including auto parts, bicycle and its parts, sewing machines, electrical machinery, textile machinery, fasteners, hand tools, etc.

Also during the meeting, the members of the chamber proposed that a delegation should take forward these concerns to the Finance Minister and the Steel Minister requesting them to look into the matter. (KNN/DA)