Mohali, Dec 26 (KNN) Agitated over the price hike of steel, Micro, Small and Medium Enterprises (MSME) has threatened to protest against the government, said Mohali Industries Association (MIA).

MIA on Thursday held a press conference to protest against the wrong policies of the government which have led to unchecked rise in prices of steel.

''If the centre does not intervene to stabilise the prices of steel within 15 days of our appeal, MIA along with all industries associations of Punjab will sit on Dharna and Bandh,'' it said.

Starting from April 2020 approximately the cost of steel has increased by 55 per cent. The cost of HRC was Rs 40 per kg which is now available at Rs 58 per kg and the prices are still increasing on a day-to-day basis.

''This rise in price could have been avoided with prior intimation from the Steel Ministry,'' MIA said.

The industry association further said that the exporters have also got caught due to the wrong cost forecast which has put them in a difficult position as they are unable to execute their orders due to steep price rise of raw material.

MIA has also decided to dash-off a letter to the Minister for Steel, Minister for MSME and the Prime Minister to intervene and take quick action as the industry is on the verge of closure due to this unprecedented rise in price of steel which has never happened in the history of the nation.

MIA President, Yogesh Sagar said that if the prices of steel are not reduced the MSMEs will be unable to continue operations and will be forced to close, causing unemployment in the State as well as social unrest.

Rajeev Gupta, General Secretary said that raw material export should be stopped instead finished components should be exported which will add to the value of the finished products and will generate more revenue for the country as well as more employment.

Meanwhile, former president Anurag Aggarwal said that raw material shortage has led to cartelisation and exorbitant rates are being charged which will force the industries to close operations.