Seeking Government intervention in light of steep hike in Steel and Copper prices
It is therefore critical that for all government and PSU (BPCL, IOCL, HPCL, BHEL, PDIL & ONGC ) contracts with MSMEs, a price escalation for steel and copper is granted immediately for the portion of pending contracts as well the contracts executed during the fiscal year 2020-21. If this is not done, many of these MSMEs, who are already struggling with the impact of COVID, will be forced to default on contracts and in many cases face shutdown and this can lead to negative impact to Indian Economy as well.
We request the community here and LocalCircles to kindly escalate this concern of ours to the requisite Government of India departments for swift and timely action and save many of the MSMEs from going under. more