Friday, 30 September 2016

MIP leading to more imports of finished steel products: EEPC : 30 Sept 2016

Engineering exporters' body EEPC India said the Minimum Import Price (MIP) on steel is resulting in an inversion of duty with imports of finished goods increasing at a far more rapid speed than raw material, reported PTI. "Any inversion in duty at this stage would be a big setback to the government's flagship programme of Make in India where the entire focus is on taking the country several notches up on the value and technology chain so that we become a factory of the world," EEPC India Chairman T S Bhasin said as per the media report. According to an analysis by EEPC India, imports for the finished goods in the form of products of steel and iron, measured by volume increased in the range of 22.5 per cent and 51 per cent between June and August this year. On the other hand, imports by way of steel and iron used purely for raw material dropped between 16 and 33 per cent in quantity terms between June and August. "With imports of steel and iron products increasing and raw material in the form of pure-play steel and iron dropping, it is a clear case of inverted duty, something not good for India's drive on manufacturing," the body said as per the PTI report. Issuing a notification, the Directorate General of Foreign Trade had extended the minimum import price (MIP) on 66 steel products till October 4, 2016. The MIP ranges between USD 341-752 per tonne. The government earlier levied MIP on 173 steel products ranging from USD 341 to USD 752 per tonne on 5 February 2016, which was valid for six months from the date of the notification. "The user engineering industry especially the MSME units are facing difficulty because of the sudden escalation in raw material price," the EEPC said. "Segments like auto and auto parts, industrial and electrical machinery, products of MSME sector, which in any case have low margins and are facing cut-throat competition are finding it difficult to be globally competitive

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