As skyrocketing prices of primary raw materials have been hurting the industry, especially MSMEs, the government should consider including iron and steel products in the RoDTEP scheme to make exports more competitive, said EEPC India chairman Mahesh Desai.
He has also proposed reduction in customs duty on copper ores and concentrates from 2.5% to nil as part of the recommendations to the Budget 2022-23.Desai said that manufacturer exporters have seen their profit margins getting thinner and thinner due to high raw material prices and a surge in ocean freight cost for the last almost one year. "The manufacturers of the iron and steel products are finding it difficult to sustain their businesses. In spite of these price challenges they have been trying hard to survive as the majority of segments in this sector operates on minuscule margins and is in dire need of the support from the government. It is therefore requested to extend the benefits of the RoDTEP scheme to the sector equivalent to existing ones under the MEIS scheme," he said.