Friday, Feb 26 2021 | Time 13:03 Hrs(IST)
image
  • India, China to set up hotline for timely exchange
  • Tripura govt releases 3 pc DA to employees
  • Palaniswami announces 24x7 three-phase free power for farmers
  • PM declares 2nd edition of Khelo India winter games open
  • Active Covid cases in Arunachal declines to four
  • Rupee down 62 paise against USD
  • Sensex crashes over 1200 pts
  • Defence Min salutes IAF on 2nd anniversary of Balakot air strikes
  • Veteran CPI leader D Pandian passes away
  • Bypoll for Council seat on March 15
  • Six killed, over 50 injured in road accident in Bangladesh
  • Several killed by US airstrike in eastern Syria
  • Petrol, diesel prices remain same for third day
  • US Strikes Destroy Multiple Facilities Used by Iran-Backed Militia in E Syria - Pentagon
  • US Stocks Plunge in Worst Day for Nasdaq in 4 Months
Business Economy


Revocation of ADD & CVD on Stainless Steel Raw Material will revive domestic downstream industries

AHMEDABAD, India, Feb 23, 2021 /PRNewswire/ -- All India Stainless Steel Pipes & Tubes Manufacturers Association, in a statement issued today expressed optimism towards the much-needed revival of the domestic stainless steel downstream industries, thanks to the proposed revocation of anti-dumping duty (ADD) and countervailing duty (CVD) on the import of stainless steel raw material.



Debunked misinformation regarding stainless steel imports in India from countries like Indonesia, the association said that the domestic industries cannot alone rely on the monopolies for stainless steel requirements. Since the demand of stainless steel raw material outstrips the supply in India, raw material imports is necessary. The domestic downstream industries are relying for timely delivery at internationally benchmarked price.



"The revocation of ADD and CVD has effectively created a level playing field for the domestic stainless steel companies which now can avail barrier free raw material. This in turn will keep a check on artificial price hikes of stainless steel required by the downstream industries for finished products such as tuned & pipes among many other industries. The revocation has come as a blessing for India's thousands of MSMEs engaged in finished stainless steel products, which because of duties were suffering on two counts - one, artificially inflated domestic RM prices by large monopolies and two, cheaper imports of finished products. We thank the finance ministry for its foresightful decision and saving MSMEs," said Mr. Ramesh Patel, Vice President, All India Stainless Steel Pipes & Tubes Manufacturing Association.



"It is essential that India becomes self-reliant for stainless steel finished products such as pipes and tubes, among others. To discourage the imports of stainless steel finished products, the domestic industries must flourish. This can happen only if there is enough, unrestricted supply of raw materials," added Mr. Patel.



About All India Stainless Steel Pipes & Tubes Manufacturers Association



All India Stainless Steel Pipes & Tubes Manufacturers Association is a Gandhinagar based Association set up to promote trading, dealing and manufacturing of Stainless Steel Pipes & Tubes, and to protect the interest oof members and organize arrangement interest of Stainless Steel Pipes & Tubes industries in India and the international market, including to secure organize actions on all subject relating to Stainless Steel Pipes & Tubes industries. Any person, society, firm, or a company engaged in Stainless Steel Pipes & Tubes Merchant's business is eligible to become a member. The Association currently has 55 members representing SMEs and MSMEs engaged in Stainless Steel Pipes & Tubes business.



For more information contact:

Email: info@ssptma.com

Tel.: +91-79-2970 325J / 3253/ 3254

www.ssptma.com

(Disclaimer--Features may vary depending on the regions; subject to change without notice.)

More News

Maruti Suzuki and IIM Bangalore set to nurture 26 startups

26 Feb 2021 | 12:46 PM

Kolkata, Feb 26 (UNI) Maruti Suzuki India Limited in partnership with Nadathur S. Raghavan Centre for Entrepreneurial Learning (NSRCEL), the startup hub at the Indian Institute of Management Bangalore (IIMB), today announced the list of 26 shortlisted mobility startups for a 9-month extensive incubation program.

see more..
Pound,USD,Yen up;Euro down

Pound,USD,Yen up;Euro down

26 Feb 2021 | 12:18 PM

Mumbai, Feb 26 (UNI) Following were the indicative currency rates and travellers' cheques buying and selling rates per unit on Wednesday.

see more..

Wisdom Capital Acquires ImagineSales, launches Wisdom CRM

26 Feb 2021 | 12:16 PM

NOIDA, India, Feb. 26, 2021 /PRNewswire/ -- Wisdom Capital, a Wisdom Group flagship company, has recently taken over a start-up, Imagine Sales - a customer relationship management (CRM) company, and launched Wisdom CRM.

see more..

Syama Prasad Mookerjee Port signs MoU with Tripura merchants association

26 Feb 2021 | 12:05 PM

Agartala, Feb 26 (UNI) The Syama Prasad Mookerjee Port of Kolkata has signed a memorandum of understanding (MoU) with All Tripura Merchant Association (ATMA) to facilitate transit of goods to Tripura and other Northeastern states from Haldia using Inland and Coastal Waterways via neighbouring Chittagong port in Bangladesh.

see more..

ARMMAN scales its AI efforts to improve maternal and child health in India, with support from Google org

26 Feb 2021 | 11:53 AM

MUMBAI, India, Feb. 26, 2021 /PRNewswire/ -- ARMMAN, an India-based nonprofit, is leveraging Artificial Intelligence (AI) to enhance adherence in maternal and child health programs. Initiated in 2020, the project with Google Research India and IIT Madras uses AI to predict the risk of women dropping out of healthcare programs such as mMitra. Along with scientific collaboration, the project was supported with funding from Google Research and Google.org.

see more..
image