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SIEMA wants abolition of customs duty on copper
R.Y. Narayanan
Coimbatore
April 19
The Southern India Engineering Manufacturers' Association (SIEMA), Coimbatore, has requested the Union Finance Minister, Mr P. Chidambaram, to abolish the customs duty on copper to rein in the continuous increase in the price of the metal.
It has also sought the Government's intervention in holding the price of iron and steel to save SMEs.
In a representation to the Finance Minister, the President of SIEMA, Mr C.R. Shanmughasundaram, said the basic price of copper was ruling at Rs 376/kg now compared to Rs 345 during April 2006 and Rs 192 in June 2005. The Government had reduced the customs duty from 7.5 per cent to 5 per cent in January this year. But he wanted the duty to be brought to nil.
Raw materials
He said the continuous rise in the price of raw materials has hit the industries and the ancillary units supplying to OEMs/product manufacturers. They could not increase their selling prices to meet the increase in input costs.
In the last few months, the price of iron and steel had gone up by up to 20 per cent. It was stated that the steel manufacturers were seeking the Government's nod to further increase the steel price.
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