Coimbatore: More than 400 small-scale foundries in the district downed their shutters indefinitely on Wednesday to condemn the central and state governments for their inaction in controlling the spiraling prices of raw materials.
The shutdown would affect lakhs of workers who are working in and with foundries and other industries including pumps, textile machinery, automobiles and other engineering industries.
“The price of raw materials has increased up to 30% since November. When about 80% of our investment is required to procure raw materials, it is impossible to continue doing business mainly for the small-scale industries who had been working with minimal profit margin. Even though half of our customers have agreed to revise the price, we decided to continue the strike. We want to gain the attention of both the state and central governments who remain silent despite escalating the issue multiple times,” president of Coimbatore Tiny and Small Foundry Owners Association (C
Coimbatore: Members of the Federation of Coimbatore Industrial Association protested in front of the south taluk office here on Tuesday, urging the Union government to take necessary steps to control the price hike of raw materials.
Speaking to reporters, J James, coordinator of the association, said industrialists had been, of late, facing problems one after another. “After the outbreak of Covid-19 pandemic, it is only now we are trying to beef up our production. Increase in the price of raw materials by 30% to 140% has come as a big blow to us. The Centre hasn’t taken any steps to control the price hike so far.”