Customs Duty cut expected to bring down raw material prices
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Engineering units in Coimbatore will benefit from the Budget proposal
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Engineering units in Coimbatore will benefit from the Budget proposal
The Union Budget announcement on Monday reducing Customs Duty on steel and ferrous and non-ferrous scrap is expected to bring down raw material prices for the engineering units in Coimbatore.
According to the Coimbatore District Small Industries Association president M.V. Ramesh Babu, several announcements are expected to benefit the MSMEs. For metal recyclers, import duty is exempted till end of March next year.
Indian Chamber of Commerce and Industry, Coimbatore, president C. Balasubramanian, said the government had taken the right steps in the budget and planned to increase its spending in different sectors. Coimbatore was a hub for textiles and MSMEs and the announcements would benefit these sectors. A mega textile park should be established h
Industry associations to form consortium for purchase of raw materials
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Industry associations in Coimbatore that have members in the engineering sector have decided to form a consortium for purchase of raw materials directly from the manufacturers in bulk.
This was decided at a meeting held by the associations here on Thursday with government officials and representatives of SAIL and Vizag Steels.
A press release from Coimbatore District Small Industries Association (CODISSIA) said that following the steep hike in raw material prices in the last few days, the units were unable to sustain production. Hence, it was decided on Thursday to form a consortium. This will benefit the units in the long-term too. The associations have been asked to talk to the member units and submit details of the raw material requirements within three to four days.
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Members of various industrial associations staging a demonstration in the city on Tuesday. | Photo Credit: M. Periasamy
Micro and small-scale unit owners of nearly 19 industrial associations staged a protest here on Tuesday, demanding steps by the Central and State governments to control prices of raw materials used by these industries.
J. James, co-ordinator of Federation of Coimbatore Industrial Associations, said nearly 700 people from different associations took part in the protest. The main demand was control of raw material prices. The protesters also demanded steps by the governments to address the challenges faced by the micro and small-scale units. They sought a separate loan policy by the banks for micro units.
MSMEs, already laid low, run into price rise hurdle December 11, 2020, 3:22 PM IST
It has been a case of surmounting one hurdle after another for the micro, small and medium enterprises (MSMEs), the backbone of Tamil Nadu’s strong manufacturing base in engineering and automobile sectors, throughout 2020. As the year draws to a close, the segment is facing fresh trouble over surging raw material prices.
If the general economic sluggishness marred the sector at the beginning of the year, the Covid-19 pandemic and the subsequent lockdowns brought the operations to a near standstill in the March-May period along with the exodus of guest workers. “Most MSME units were in despair in March when they had to shut due to Covid lockdown. While the Centre’s financial package, which permitted a 20% increase in the existing borrowing limit of the units from banks, the money that came in was used to manage running costs of sustaining operations of the companies rather tha