MSME Ministry possess no data of raw material price effect on MSMEs

New Delhi, Feb 3 (KNN) Bhanu Pratap Singh Verma, Minister of State for MSMEs informed Lok Sabha on Thursday that the MSME Ministry does not maintain any data with regards to the effect of raw material prices on production or aggregate demand of MSME products.

This was the minister’s response to a question on whether the government is aware of the price of raw materials such as metals, plastics, etc., for MSMEs.

And if so, whether the raw material prices have affected MSMEs’ production.

In his response, the MoS highlighted the various measures initiated by the government for raw material support to MSMEs such as providing financial assistance under the Raw Material Assistance (RMA) Scheme of National Small Industries Corporation Limited (NSIC).

He also noted the exemption on basic custom duty on steel scrap till March 31, 2023, TMT bars below 8 mm exempted from the purview of the Quality Control Order and waived off import duty for several raw materials like coking coal, ferro-nickel etc.  (KNN Bureau)