Stimulus package, including anti-dumping duty, sought
Battling hard to overcome challenges posed by flooding of cheap steel in the domestic market and the prolonged slump in world economy, the steel industry is looking to the Centre to unveil a stimulus package.
While welcoming the introduction of Minimum Import Price for a period of six months to discourage China’s dumping of its steel products to wriggle the industry out of the crisis situation, a package which includes levying anti-dumping duty, holiday on interest and rescheduling of loans has been sought.
With projections stating that the smart city programme and thrust on rural infrastructure will give a push to steel demand, the low per capita consumption of steel at 57.5 kg as against global average of 225 kg has remained a matter of concern.
These issues figured prominently at the two-day conference of the Indian National Metal Workers’ Federation which concluded on Tuesday evening.
Asked to comment on their main demand, federation president G. Sanjeeva Reddy told The Hindu on Wednesday that they wanted the Centre to intervene immediately to stop steel units from becoming sick units.
“Instead of indulging in empty rhetoric, the government should increase MIP, which was announced in February for six months. It should be increased for a long period and India should approach the World Trade Organisation for action against China for selling steel at less than the production cost,” he said.
Among others, RINL Chairman-cum-Managing Director P. Madhusudan, Director (Personnel) G.B.S. Prasad, federation general secretary Raghunath Pande, vice-president Rakeshar Pande, vice-president Mantri Rajasekhar, organising secretary Neerukonda Ramachandra Rao, and representatives from various metal industries attended. Mr. Reddy, a former MP who also heads INTUC, said the government should dispense with disinvestment policy at a time when the market was in a very critical position. Public sector units like the RINL, the corporate entity of Visakhapatnam Steel Plant should be granted captive mines to have raw material security.
Source: The Hindu
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