Ludhiana, Mar 10 (KNN) The Micro, Small and Medium Enterprises (MSMEs) are being forced to shut down due to rise in prices of raw materials such as steel, Copper, Nickel, Zinc, and Ferro, said Punjab MSMEs.

To discuss this issue, Chamber of Industrial & Commercial Undertakings (CICU) held a meeting of Steering Committee highlighting the issue of steep hike in raw material and commodities prices.

“MSMEs are forced to shut down due to the exuberant prices,” CICU said in a press release.

The Ludhiana based industry body has strongly opposed the rise in steel prices and has urged PM Modi, Ram Chandra Prasad Singh, Minister of Steel and Piyush Goyal, Commerce Minister to decrease the raw material and commodities prices.

CICU pointed out that MSME units are not able to produce the material and run the production and are being forced to shut down for an indefinite period.

This will increase unemployment as prices have touched Rs 65,000 PMT, which is an increase of Rs 22,000 since January.

“MSME are operating and losses in low demand is not possible to operate. It is worse year for Indian MSME and are passing through a tough time. There are many other challenges as well such as labour shortage, liquidity crunch, travelling, high fuel prices, and low sales,” stated CICU. (KNN Bureau)