Coimbatore, May 26 (IT) The local chapter of Indian Chamber of Commerce and Industry on Thursday welcomed the announcements made by the Union government for elimination of import duties on coking coal, PCI coal and ferronickel.
The trade chamber also appreciated the latest measures of the Centre to control the cement prices which will support the construction sector, its president C Balasubramanian said in a statement here on Thursday.
The central government also announced reduction in customs duty on raw materials and intermediaries for plastic products, calibration of customs duty on raw materials and intermediaries for iron and steel to reduce the prices, possible reduction of import duty on some raw materials of steel and levy of export duty on some steel products, he said.
These measures will certainly give relief to the industries, especially MSMEs, that have been hit for more than a year due to steep hike in raw material prices, he said.
There is a sigh of relief for MSMEs and the raw material prices have started to come down in the last few days and we expect further reduction in days to come, Balasubramanian said. PTI NVM HDA HDA
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