Steel Duty Dilemma: Impact on MSME Engineering Exports

MSME exporters in the engineering sector warn that additional steel import duties could harm domestic products' competitiveness and exports. The proposal for a 25% safeguard duty, amid rising steel prices, raises concerns of negatively affecting industrial production and profitability, especially for small enterprises.

Amidst rising concerns in the engineering sector, MSME exporters have voiced apprehension over proposed additional duties on steel imports, projecting potential harm to the country's export competitiveness.

The Hand Tool Association Chairman, S C Ralhan, highlighted liquidity challenges and high domestic steel prices faced by MSME exporters, issues exacerbated by potential new tariffs.

The Federation of Indian Export Organisations urged the government to control domestic price hikes should the 25% safeguard duty be enacted, spotlighting its impact on high-end industries reliant on specialty steel imports.

(With inputs from agencies.)