Mumbai, Feb 6 (KNN) The Government's decision to impose minimum import prices (MIPs) on specific steel products has upset the domestic industry.

Talking to KNN, Nikunj Turakhia, head of the Bombay Iron Merchants' Association board (BIMA)said that it would have a negative impact on the industry.

MIP imposition is going to show its impact in the next 4-5 months when manufacturing sector shrinks and NPAs would rise for banks in a much bigger way, he added.

He said that there is no competition in the market and local producers have already increased their prices.

We need right prices for surviving in the industry, he added.

He also said that this move will also impact the Government's ambitious project ‘Make In India’.

We need different policies rather imposing MIPs, he said.

However, MIPs are valid for six months only, which could trigger uncertainty in the market. (KNN Bureau)