Seeking Government intervention in light of steep hike in Steel and Copper prices

In the past 10 months, steel and copper price has increased by 74% and 45 % respectively. Hundreds of thousands of MSMEs work on government and PS U contracts. Most of them are unable to service these contracts because of the steep steel/copper price increase.

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  

My father and others in his association have highlighted the unabashed profiteering to Central Hovt indulged in by major raw material producers such as of iron and steel, copper, aluminium & polymers during pandemic who have increased prices on a weekly basis during the last six months. more  
Hope the government can help. Just wondering - such price escalations should have been covered in the contracts? more  
The price increase is not limited to Price of Metals. Certain HI TEC equipment such as satellite communication, Non Directional Beacon (NDB) sets are not made in India, & hence required to be imparted. MSME who had receive orders for such sets are facing increase in Foreign Exchange price (in US $, EURO € & Pound Sterling.£). The Government is requested to send circular order to Various Public sector companies such as ONGC, SCI, BPL etc. & also to Indian Defence (such as Navy, Coast Guard, Airforce & Army) to compensate for the upwards increase of Foreign exchange price. I had read such compensation order, in one of the government order. but could not find today Best Regards more  
Post a Comment

Related Posts

    • Layoffs everywhere

      Layoffs going on in full swing in IT sector! Daily 1-2 news coming in closed circles... crazy consolidation. Worser than 2000, 2002, 2008-2009 and 2015.

      By Vijaya Nair
    • Terrible job market

      36% students from IIT bombay are unemployed at graduation. Where exactly are we headed as a nation. Imagine the state at NITs and other govt engg colleges. Private colleges to we must forget only. ...

      By Ajay Dutta
    • GST number is designed to compromise your details

      Dumbest thing in GST is using PAN as GST number and Mandating displaying GST number in Sign Boards. So that everyone on street knows our PAN. PAN is used as password in income tax docume...

      By Vinay Sen
    • Will many CAs may have to close soon

      Many CA, CS and CMA Professionals have to either change work or close their practice after this attached circular.

      By Ajay Dutta
    • Google is a pathetic company

      Google India hiked the rate of business mail by 350 %. With fear of recession looming and when msme are struggling this is not the right thing to do. It will cost msme sector 5000 crore per year...

      By Vishal Khanna
    • GST filing

      Still GST system is not 100 % user/official friendly. there are news that so much money (in lacs) collected by fraudulent GST bills. I am a GST registered vendor. The company turn over is almo...

      By Subramanian Venkataraman
    • Taxation Issues faced by Startups: Inputs Sought

      Many of you know how LocalCircles had worked with the Government in 2019 on resolution of angel tax issues under Section 56 (2)(viib) of the Income Tax act. Once again, the Government h...

      By LocalCircles Manager
    • Why no penalty an dprosecution for govt

      Now our IT portal has become sick being suffering babu virus or extortion virus. McA site never works on last days and people have to pay penalties for mistakes of govt. Now professionals are wasti...

    • Income Tax Return Filing Portal

      What about income tax return filing date? Any extension thereof? As of today, I am not able to file the return . Has any one else file the income tax return? Has Portal issue been solved? I have al...

      By Hasmukh Sangani
    • Grass root experience

      I have been doing and promoting small business for the last 30 years. The real problem is that the ministers and their secretaries don't have practical experience and they look for 5 trillion dolla...

    • Why do Ministers refrain from engaging with businesses

      I find it quite interesting that the ministers want to deal only with tata adani ambani and not the real msme and startups. Why is the msme minister (appointed this week Narayan Rane) his secretary...

      By Aditi Mitra
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)