Coimbatore, Oct 8 (KNN) The export duty on steel products should not be withdrawn until the global recession is over, said the Federaton of Coimbatore Industrial Associations (FOCIA) on Friday.

The association has also asked to form a raw material price fixation committee.

In a letter to the Minister, FOCIA thanked her for taking bold measures like levying export duty on finished steel products and iron ore in May last.

“Even though the 30 per cent reduction of steel prices in India reflected the global trend of falling steel prices, the steps taken by the Finance Minister exhibited the Centre’s willingness to safeguard the interests of MSMEs in the country,” it said.

FOCIA further said that though the raw material prices have come down to an extent, the orders have diminished at present and the MSMEs were affected by the recessionary trend.

The MSMEs are yet to recover from the damages inflicted by COVID-19 and losses incurred by earlier raw material price escalations.  (KNN Bureau)